Bitcoin users have often been a target for law enforcement agencies and governments. In the United States, that scrutiny is even bigger compared to most other countries around the world. One 22-year-old Bitcoin trader has now been sentenced to two years in prison and forfeiting financial assets for trading and selling Bitcoin in an unlicensed manner.
Reselling Bitcoin Equals Money Transmitting
Ever since Bitcoin started making media headlines, people have been looking for ways to make money with the world’s leading cryptocurrency. Even today, making money can be done in many different ways. Depending on one’s jurisdiction, some of the more profitable options are best left untouched. For Jacob Burrell Campos, the buying and selling of Bitcoin made him good money, but also granted him a two-year prison sentence in the process.
Following his arrest in August of 2018, Campos decided to plead guilty to operating a Bitcoin exchange without registering with FinCEN. As most people are aware of by now, Bitcoin is still largely…