Monmouth County Man Operated Illegal Bitcoin Exchange

Bitcoin. (File photo)
Bitcoin. (File photo)

NEWARK – A Monmouth County man was indicted by a federal grand jury for operating an unlicensed money transmitting business. He charged customers fees to convert more than $2 million in cash into the digital currency Bitcoin.

William Green, 46, of Wall, was charged with one count of operating an unlicensed money transmitting business.

He faces up to five years in prison and a $250,000 fine.

Green allegedly operated “Destination Bitcoin,” a website where customers deposited money into his bank accounts. He then charged a fee to convert that money into Bitcoin.

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Federal law requires that money transmitting businesses register with the Secretary of the Treasury, something Green allegedly failed to do.