US man who sells Bitcoin without a license faces 5 years in prison – regulation Bitcoin News

A New Orleans resident was charged with selling Bitcoin without registering with the Financial Crimes Enforcement Network (FinCEN). If convicted, the seller can receive a maximum of five years in prison, a maximum fine of US $ 250,000, up to three years of supervised release, and a mandatory special audit of US $ 100.

Bitcoin seller faces jail time

The U.S. Department of Justice (DOJ) announced Thursday that a New Orleans bitcoin seller named Michael Yusko had been charged with operating an unlicensed money transfer business.

The announcement reads: “Under federal law, any business engaged in ‘accepting currency, money, or other value that is a substitute for a currency from a person and transmitting currency, money or other value that is a substitute for a currency Being “employed or person in any way” elsewhere is considered a money transfer business. “It adds:

These companies include those that trade fiat currencies like US dollars for cryptocurrencies like Bitcoin, Litecoin, and Ethereum. These companies must register with the Financial Crimes Enforcement Network (‘FinCEN’) as a money transfer company.

Yusko was the owner and manager of Nervous Light Capital LLC, court documents show. “He used Nervous Light Capital along with the bank accounts of four other companies to sell Bitcoin and other cryptocurrencies to customers,” the DOJ stated.

The DOJ stated that Yusko has not registered any of these companies with FinCEN as a money transfer company, noting:

If convicted, Yusko can receive a maximum of five years in prison, a maximum fine of US $ 250,000.00, up to three years of supervised release, and a mandatory special audit of US $ 100.

Do you think this man should go to jail for selling bitcoin without a license? Let us know in the comment section below.

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