- Jacob Burrell Campos was illegally operation as a Bitcoin exchange without having registered the business.
- The dealer has been ordered to hand over all funds gained from the operations.
A 22-year-old who has been selling Bitcoin (BTC), has been summoned by the authorities in the U.S., due to illegally conducting unlicensed money transmissions. The man has been ordered to hand over $823,357, according to the Attorney’s Office of the Southern District of California.
The dealer, Jacob Burrell Campos, further to the fine has been sentenced to two years in jail. He pleaded guilty that he had operated a Bitcoin exchange without registering the business with the Financial Crimes Enforcement Network (FinCEN).
He sold hundreds of thousands of dollars in Bitcoin to over 1,000 customers, according to the Attorney’s Office said. Additionally, noting that he advertised his business on LocalBitcoins.com and has set up a commission of 5% above the prevailing exchange rate and accepted cash in person via ATMs and MoneyGram.
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