US citizen faces prison for bitcoin sales
A man in the United States has pleaded guilty in federal court to operating an unlicensed money transfer business through LocalBitcoins.com
Jacob Burrell Campos admitted selling hundreds of thousands of dollars in bitcoin to more than 1,000 customers in the United States between January 2015 and April 2016, through what is considered an unregistered bitcoin stock exchange.
Using the LocalBitcoins.com platform, Burrell allegedly did not register his business activities with the Financial Crimes Enforcement Network (FinCEN) of the United States Treasury Department and did not apply due diligence to the sources of his clients’ funds.
According to the statement, he negotiated his bitcoin sales with a commission of 5 percent over the current rate, constantly using encrypted email or SMS applications to communicate with users. In addition, payment has been reported in cash, through ATMs or through MoneyGram.
In the same way, the citizen admitted that his account in a regulated crypto exchange and based in the United States without a name, had been closed after being submitted to investigations for suspicious transactions.
The press release describes that Burrell has admitted that he changed his US fiduciary currency, which he stored in Mexico, to a precious metals trader based in San Diego, called Joseph Castillo. The latter has pleaded guilty to making a false statement on his federal tax returns, for which he awaits sentencing.
Finally, Burrell will be sentenced next year, with a maximum penalty of five years behind bars. He has agreed to lose more than $ 800,000 to the United States in his plea agreement.
L.Sáenz
Source: Cointelegraph
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