/biz/ - Business & Finance

>>50995799

>LocalBitcoins Trader Charged for Running Unlicensed Bitcoin Exchange

An indictment published by Detroit TV news service WD-IV reveals that a 52-year-old Michigan man, Bradley Anthony Stetkiw, was recently charged with running an unlicensed money transmitting business after selling nearly $150,000 worth of bitcoin between 2013 and 2015, out of which over $56,000 were to law enforcement agents.

Notably, the document filed with the U.S. District Court for the Eastern District of Michigan shows that out of the nearly $150,000 Stetkiw traded, over $56,000 were sold to federal agents over the course of six meetings.

Due to the traded volume, Stetkiw should have been registered as a Money Service Business with the Financial Crimes Enforcement Network (FinCEN), and should develop and maintain an effective Anti-Money Laundering (AML) program. After seeing he didn’t authorities went after him and arranged meetings that would lead to his arrest.

https://www.ccn.com/localbitcoins-trader-charged-for-running-unlicensed-bitcoin-exchange/

>>50906294
>You are setting yourselves up as bad guys in a fight you can't win.

Any coin that can't survive a total war with the government isn't truly permissionless.