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Old 04-01-2017
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Default Re: Guide / Tutorial: Buying Bitcoin & Cashing out Bitcoin Anonymously

FYI: US Federal Prison sentence of 4 years for an account holder on LocalBitcoins...

-John Powell plead guilty to two charges of operating an unlicensed money service business (MSB) for operating an account on LocalBitcoin. He was sentenced to four years in Federal prison.

-Charlie Shrem plead guilty to one count of aiding & abetting an unlicensed money transmitter, for helping Silk Road customers anonymously purchase bitcoin. He was sentenced to two years in prison, & forfeited $950,000.

Both cases resulted in federal prison sentences for the defendants, & were directly tied to the unlicensed operation of a money service business (A money transmitter, as mentioned In Mr. Shrem’s case, is a subcategory of money service business that provides money transfer services).

This means that individuals running Bitcoin businesses cannot afford to ignore U.S. laws- Federal & Local law enforcement are taking notice.
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