A California man has been sentenced to three years in federal prison “for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash, often for drug traffickers,” the U.S. Department of Justice said. He agreed to forfeit various assets, including seized cryptocurrency.

Bitcoin Exchange Operator Sentenced to 3 Years in Jail

The U.S. Department of Justice (DOJ) announced Thursday that a California man, Hugo Sergio Mejia, was sentenced “to 36 months in federal prison for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash, often for drug traffickers.”

The 50-year-old San Bernardino County man pleaded guilty on July 1 to “one count of operating an unlicensed money transmitting business and one count of money laundering,” the DOJ detailed.

Mejia operated a cryptocurrency exchange business converting bitcoin to cash and vice versa from May 2018 to September 2020. He charged commissions for these transactions but never registered his business with the…

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Source: https://news.bitcoin.com/us-sentences-man-to-3-years-in-prison-operating-unlicensed-bitcoin-exchange-business/