[2017-06-27]Bitcoin Exchange Operator Sentenced to Five-and-a-Half Years in Pris

[btc_angela]

Bitcoin Exchange Operator Sentenced to Five-and-a-Half Years in Prison

The former operator of the now-defunct bitcoin exchange Coin.mx has been sentenced to five-and-a-half years in prison.

The sentencing of Anthony Murgio comes months after he plead guilty to operating an unlicensed money transmission business in January. Murgio, along with alleged co-conspirator Yuri Lebedev, was first arrested and charged in the summer of 2015. Federal prosecutors later unveiled new charges against Murgio in November of that year

Coin.mx was a Florida-based bitcoin exchange that federal prosecutors alleged acted as a financial conduit for the laundered proceeds of online criminal activity. The government sought as many as 10 years in jail for Murgio, a figure that the defense pushed back against earlier this month.

http://www.coindesk.com/bitcoin-exchange-operator-sentenced-five-half-years-prison/

[(o)(o)ilikeboobs(o)(o)]

So it means that in US using the cryptocurrency and bitcoin is illegal and who ever is in this field is considered as doing illegal activity.

[TraderTimm]

It means if you run an exchange without doing your due diligence and applying the proper regulatory procedures -- you get sent to jail.

Not really a huge revelation.

There are plenty of shoddy exchanges out there that don't operate above-board. This was one of them.