Man indicted after running an illegal crypto exchange – bought bitcoin for $2 million

Jul 25, 2019

Unfortunately, fraud and illegalities of different kinds are not uncommon in the crypto industry.

In the past, for example, we have reported on hackers who stole really big money from the Bitrue crypto exchange.

But can the very operating of a crypto exchange be a crime? The answer to that question is yes – at least if you live in the US and have not registered your exchange.

Bought bitcoin for $2 million

A 46-year-old man in New Jersey has now been indicted for exactly that. He received $2 million from various customers and then took out a fee for buying bitcoin with the money.

The crime can give up to five years in prison and this is the second time this year the man is being prosecuted for the same thing, Coindesk reports.

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