US Bitcoin trader ordered to forfeit $800k gained via unlicensed exchange

posted 15 days ago
A 22-year-old Bitcoin seller from the US has been ordered to hand over $823,357 gained illegally via an unlicensed money transmission business. Jacob Burrell Campos, is also sentenced to 2 years in jail and was asked to pay a $250,000 fine. He was taken to custody without bail last August, and pleaded guilty in October for operating a Bitcoin exchange without registering the business with the Financial Crimes Enforcement Network (FinCEN). Burrell has since admitted he didn't use KYC.

Burrell sold hundreds of thousands of dollars in Bitcoin to over 1,000 customers, the Attorney’s Office said, adding that he advertised his business on LocalBitcoins.com, negotiated a commission of 5% above the prevailing exchange rate and accepted cash in person via ATMs and MoneyGram. Homeland Security Investigations’ special agent in charge, David Shaw, said “[The] sentencing of Burrell is a reminder to those illegal and unlicensed money transmitters that the laws and rules apply to cryptocurrency dealings just as they do to other types of financial transactions.”
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