WALL TOWNSHIP — A Wall Township man pleaded guilty on Monday to operating an illegal bitcoin exchange, Acting U.S. Attorney Rachael A. Honig announced.
William Green, 53, pleaded guilty by videoconference before U.S. District Judge Kevin McNulty to one count of operating an unlicensed money transmitting business.
According to the announcement by the U.S. Attorney, Mr. Green operated a website called “Destination Bitcoin” from Aug. 2017 to Feb. 2019, during which he received money from the public through cash and wire transfers into his bank accounts and online payment processors.
For a fee, Mr. Green converted the funds to bitcoin and transferred the bitcoin to bitcoin wallet addresses provided by the customers.
Mr. Green failed to register his money transmitting business with the U.S. Secretary of the Treasury, which in court he admitted he knew he was required to do.
The maximum penalty for unlicensed money transmitting is up for five years in prison and a $250,000 fine. He will be sentenced on Aug. 10.
Acting U.S. Attorney 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 that lead to the guilty plea.
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