Michigan man has been charged an unlawful money transmitting business after selling almost 150.000 USD worth BITCOIN.
(Image: Snopes.com)
Michigan. According to local news media reports, 52-year-old Bradley Anthony Stetkiw has been charged by local authorities for operating an unlicensed money transmitting business via the LocalBitcoins platform.
According to the report, Stetkiw had been brokering BITCOIN transactions at restaurants in the Bloomfield area worth hundreds of thousands of dollars without any proper licensing required for monetary brokering. He sold BITCOIN as part of a business venture for approximately two years, however, at a volume that made him subject to federal anti-money laundering regulation.
As part of a sting operation, federal agents met the trader and purchased more than 55,000 USD worth BITCOIN throughout six meetings.
“Operating under the user name ‘SaltandPepper,’ Stetkiw bought, sold and brokered deals for hundreds of thousands of dollars in bitcoins while failing to comply with the money transmitting business registration requirements set forth in Title 31, United States Code, Section 5330”.
Interestingly, Stetkiw is not the first LocalBitcoin user to be charged for trading BITCOIN. Last year, Detroit resident Sal Mansy plead guilty to the charge of operating an unlicensed money services business. He allegedly conducted transactions worth 2.4 Million USD throughout two years until July 2015.
BASIC, PLAIN and SIMPLE.
Liked this article? Subscribe and upvote for more high-quality-only#CryptocurrencyNews and #TechnicalAnalysis.
Congratulations @wesker! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOP