Cryptocurrency News

Operating an Unlicensed Exchange Gets New Jersey Man Jailed for Five Years

As time progresses, the cryptocurrency and blockchain industry grows bigger than ever. The cryptocurrency industry has now become almost like a universe that is constantly expanding. Every single day, a new product is being introduced into the crypto-verse just like newborn stars and galaxies in the universe.

It was just 12 years ago when the cryptocurrency industry had only one cryptocurrency that was Bitcoin (BTC). However, with the passage of time, the number of cryptocurrencies in the crypto sector has only surged. At present, there are more than 8,500 cryptocurrencies and the most surprising thing is that all of them are thriving.

Although the year 2020 was the best for the crypto-industry ever since the launch of the industry, yet 2021 has turned out to be even better. When it comes to investments, the crypto-industry has already broken all the records that were set by the cryptocurrency industry back in 2020 and 2018.

The surprising part is that the crypto-industry has managed to break the record within the first quarter of 2021 and no one knows exactly how big the industry is going to grow by the end of 2021.

The cryptocurrency industry is the only industry in the entire world that has managed to compete with Apple. Apple is currently the top company in the world with respect to market capitalization and is above the $2 trillion capitalizations.

However, now Apple has a competitor in the form of the Cryptocurrency industry, which has also crossed the $2 trillion market capitalization benchmark just last week.

Unfortunately, as the industry grows bigger and bigger, so are the elements of frauds and Ponzi schemes. Over time, the interest in investing in cryptocurrencies has increased a lot and people are doing it without even enquiring about the provider.

As a result, they end up getting scammed, which leads to them losing their money and savings. Therefore, the regulatory authorities have now started taking strict actions against such con artists.

Just recently, it was a man from New Jersey who ended up getting sentenced to five years in prison by the court. The prosecutor alleged that William Green was involved in operating an exchange for 18 months for Bitcoin (BTC) without getting it registered or licensed.

Therefore, Judge Kevin McNulty leading the hearing sentenced Green to five years in prison on April 5, 2021. The sentence came after William Green had admitted his crime and pleaded guilty for it. Apart from facing jail time in prison, the court has also imposed a $250,000 fine on William Green.

William Green had reportedly been operating a Bitcoin (BTC) exchange by the name Destination Bitcoin. According to the sources, he had operated the particular exchange between August 2017 and February 2019.

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