Wall Man Admits To Role In Illegal Bitcoin Exchange: Feds

WALL, NJ - A Wall Township man admitted Monday to operating an unregistered and illegal bitcoin exchange for years, federal officials said.

William Green, 53, of Wall Township, pleaded guilty via videoconference before U.S. District Judge Kevin McNulty to count one of an indictment charging him with operating an unlicensed money transmitting business, according to the office of Acting U.S. Attorney Rachael A. Honig.

According to court documents, Green operated a website called “Destination Bitcoin” between August 2017 through February 2019. Through the platform and referrals, Green received money from members of the public through cash, wire transfers into bank accounts controlled by Green and online payment processors. The funds were then converted to bitcoin by Green. The resident reportedly charged customers a fee for the service.

Federal law mandates that any person who owns or controls a money transmitting business must register the business with the Secretary of the Treasury. Green admitted Monday that he knew he was required to register his business with the Secretary of the Treasury, but never did.

The unlicensed money transmitting charge to which Green pleaded guilty carries a maximum potential penalty of five years in prison and a $250,000 fine. He is scheduled for sentencing Aug. 10.

Acting U.S. Attorney Honig credited special agents of IRS – Criminal Investigation, under the direction of Special Agent in Charge Michael Montanez, and special agents of the U.S. Department of Homeland Security, Homeland Security Investigations under the direction of Special Agent in Charge Jason J. Molina with the investigation leading to the guilty plea.