An American man guilty of uncontrolled money sending, confessed before the federal judges.
The US Department of Justice issued a press release yesterday, explaining in detail how Jacob Burrell Campos sold over $ 1,000 millions of dollars in Bitcoin to over 1,000 customers in the US.
Burrell Campos ran its operations from January 2015 to April 2016 through Localbitcoins.com.
According to the press release, the American crypto block was using Localbitcoins.com to attract customers. In the second stage, he was using a regulated US-based exchange where his account was suspended due to trading on behalf of his customers.
Also, between March 2015 and April 2017, Bitcoin bought $ 3.2 million from a different stock market based in Hong Kong.
Burrell Campos was committing a 5% commission on all transactions.
As a result, their activities violated US Treasury Department regulations.
The US also confessed to the court that it has not implemented anti-money laundering (AML) and customer identification (KYC) policies. He was subsequently fined over $ 800,000 in fines and five years’ imprisonment.