California Man Faces Up to Five Years for “Unlicensed” Bitcoin (BTC) Sales

Bitcoin (BTC)

A US citizen from California has just pled guilty in federal court for operating an “unlicensed money business” selling Bitcoin (BTC), called LocalBitcoins.com. The Department of Justice (DoJ) released a press release about the case yesterday, October 29th.

Unlicensed Bitcoin (BTC) Sales

Jacob Burrell Campos has admitted to selling “hundreds of thousands” of dollars in Bitcoin (BTC) to over 1,000 customers on LocalBitcoins.com. The transactions took place from January 2015 to April 2016. The DoJ has characterized his sales as an unregistered ‘Bitcoin exchange.’

Burrell failed to register his business with the US Financial …

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About Brian Crain 113 Articles
Brian is a contributor here at Mid Scope. Brian was previously in charge of Business Development at the enterprise blockchain company Monax. He has degrees in economics, philosophy and cognitive science from The University of Chicago, London School of Economics and University College London.