Federal Indictment Charges Michigan Man With Selling Bitcoin Without License Although it's not illegal to possess bitcoins, a license is needed to exchange them. Aziz Abdel-Qader | News ( CryptoCurrency ) | Tuesday, 31/10/2017 | 19:48 GMT Photo: Bloomberg Share this article A Michigan man is the latest to be accused in a federal indictment for conducting an illegal money transmitting business in Bloomfield Township by exchanging Bitcoin for cash without a license. The indictment reveals that Bradley Anthony Stetkiw, 52, exchanged bitcoins with undercover federal agents who gave him thousands of dollars of cash on six separate occasions between 2013 and 2015. During this period, Stetkiw conducted several transactions wherein he transferred over $1500,000 in bitcoins to customers across the United States. Part of this figure comes from undercover federal agents making a series of transactions with Stetkiw, paying him roughly $56,000 in cash in exchange for bitcoins, according to the indictment. Stetkiw, whose internet alias is “SaltandPepper”, established a localbitcoins.com account to conduct illegal exchanges, a few months after the federal regulators made such practices without a money transmitter license a crime. Although it’s not illegal to possess bitcoins in the US, a license is needed to exchange them. According to the release, each time Stetkiw made the exchange, the federal agents were charged a fee. And when they attempted to get him to reveal his method of hiding money, he replied: “I’ve got a way of doing it, I’m not going to tell you how.” The Treasury’s Financial Crimes Enforcement Network (FinCEN) alleges that Stetkiw enabled his clients to exchange cash for bitcoins, charging a fee for his service “without a federal or state money transmitting license in violation of the Bank Secrecy Act.” A sentencing hearing will be scheduled after the completion of a presentence investigation by the US Probation Office.
So anybody who sells bitcoin on Craigslist could be charged the same? Or was the extra fee that made the difference?
I know a guy that exchanges money just down the road... a dozen of eggs for 5 bucks... let's get him!!!
best way to get rid of ur bitcoins is find a gold dealer that accepts them and ships u some gold eagles to ur house.
If you don't want any record of you owning cryptos, that is the way to do it. You meet in a public place such as Starbucks, the seller proves that the coins are not double spent and then you give him the money. This used to be bigger when it was hard to get bitcoin online.
%% Sounds like the 2015 bit con bust/ $1.8 million in W Palm Beach, money laundering.....Plus note he said he'' had ways of hiding it'' , to the undercover feds,+ willful failure....... I dont think the USa go will shut down all bit con exchanges like the ChiCom gov did, but that's not a prediction. IN TN or most anywhere , you need a business liscense for much of anything; TN has business volume limits/tax of a couple thousand, $,$$$ , certain exemptions apply .....For example, like farm products are not taxed, roadside stands , but they TaX KROGER on the same farm products-any volume....LOL
%% If that is TN, that is legal; but any volume, Kroger has to collect tax on any volume, farm products.Those are HI priced eggs by the way LOL.