NEWARK – A Wall Township man admitted in federal court to running an illegal bitcoin exchange operation by not registering it with the Secretary of the Treasury.
William Green, 53, of Wall, pleaded guilty to running the unlicensed business from August of 2017 through February of 2019.
His website, “Destination Bitcoin” was the headquarters for his business. He received money from the public through cash, wire transfers, and online payment processors. He would then convert it to internet currency called bitcoin. This would then be transferred to bitcoin wallet addresses provided by customers. He would charge a fee for the service.
He pleaded guilty to one count of operating an unlicensed money transmitting business. The charge carries a maximum penalty of five years in prison and a $250,000 fine. Sentencing is scheduled for August 10.
Acting U.S. Attorney Rachael Honig credited special agents of IRS – Criminal Investigation, under the direction of Special Agent in Charge Michael Montanez, and special agents of the U.S. Department of Homeland Security, Homeland Security Investigations, under the direction of Special Agent in Charge Jason J. Molina, with the investigation leading to today’s guilty plea.