Unlicensed Bitcoin Exchange: Recently, a federal grand jury has indicted a man from the Monmouth County of New Jersey for operating an unlicensed Bitcoin Exchange named as “Destination Bitcoin” through which the defendant has converted over $2 million of the United States Currency into Bitcoin. The Jury has ordered the defendant to face five years in the prison. The defendant has been identified as William Green. A special agent of the Internal Revenue Service Criminal Investigations (IRS-CI) named Andrew Grammatikos has filed a criminal complaint in February 2019 wherein he has detailed Green’s alleged criminal activities, Both the criminal complaint and the grand jury indictment has accused Green of committing the same crime which is “operating an unlicensed money transmitting business.”
As per the complaint, William Green had opened a business in September of 2017 that has offered to make it possible in order to begin investing in Bitcoin at increments everyone can afford by allowing fractional Bitcoin options. Whereas the company, Destination Bitcoin has claimed to provide every customer with the ability to purchase Bitcoin in small quantities no matter how expensive the price of 1 Bitcoin becomes.
The IRS has opened an investigation into the Destination Bitcoin in 2018. They have pulled the site’s financial records with banks in New Jersey. William Green had listed his home address as the business’ physical location, making identification very simple for the investigators. Even if he had used a different address on the website, Green had registered his business with the state of New Jersey using his legit information. As a part of the investigation into Green, the IRS subpoenaed several banks for the information on accounts used by William Green and his business. Records from different banks have revealed that Green’s accounts received regular cash deposits and that Green has turned around and spent the money at a Bitcoin Exchange. One subpoena has even returned information summarized in the following section of the criminal complaint:
In early 2018, the unidentified exchange had contacted Green about the funds he had been depositing into the exchange account, as the information returned from a subpoena revealed. Green has reverted to the email from the Bitcoin Exchange on January 17, 2018. He also has stated that he was employed by a consulting or sales company called “Tomorrow’s Office” and has also attached a paystub and said that he was a “large trader” who traded his own income. The Bitcoin Exchange closed Green’s account after he failed to provide enough information regarding the source of his deposits.
Between December of 2018 and February of 2019, the IRS-CI had conducted a series of undercover transactions with William Green. They had mailed Green cash in exchange for Bitcoin. Green, on the other hand, took 5% of the transactions as his fee for the conversion of funds. After successful exchanges of the cash, the IRS-CI asked Green if he would be able to wire money to Green’s bank account. Green immediately objected, stating that he preferred cash over other methods. The undercover agent convinced Green to accept a wire transfer by claiming to need Bitcoin too urgently. In February, the undercover agent sent a text message to William Green stating that he wanted to purchase $12,000 worth of Bitcoin. The agent somehow convinced Green to conduct the transaction in person. The agent has also told Green that the person who would be delivering the cash purchases Adderall from [the undercover agent], as per the complaint. This was followed by the meeting where they exchanged funds.
The accused has provided the undercover agent with $10,000 in Bitcoin the following day ($12,000 less Green’s 10% fee for the transaction). The charge of operating an unlicensed money transmitting business carries a maximum penalty of 5 years as imprisonment and a $250,000 fine.
Find in the indictment document here.
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