A 21-year-old bitcoin trader from California has pleaded guilty to operating an unlicensed money transmission business and now faces a maximum of five years in prison.
According to a news release issued Monday by the Attorney's Office of the Southern (NYSE:SO) District of California, the trader, Jacob Burrell Campos, admitted as part of a plea deal that he had operated a bitcoin exchange without registering the business with the Financial Crimes Enforcement Network (FinCEN).
Furthermore, Burrell had no anti-money laundering or know-your-customer procedures in place.