US man faces 5 years prison for unlicensed trading of over $3.2M in Bitcoin

An American man has fessed up in front of federal court judges, pleading guilty for operating an “unlicensed money transmitting business.” A Department of Justics (DoJ) published a press release yesterday that details how Jacob Burrell Campos has been selling “hundres of thousands of dollars in Bitcoin to over 1,000 customers” across the United States. Burrell Campos had been operating his business through Localbitcoins.com between January 2015 and April 2016. According to the statement, the American cryptopreneur had been using Localbitcoins.com to attract customers. He then used a regulated US exchange, from which he was later banned, to trade cryptocurrency…

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