Federal Indictment Charges Michigan Man With Selling Bitcoin Without License

A Michigan man is the latest to be accused in a federal indictment for conducting an illegal money transmitting business in Bloomfield Township by exchanging Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term for cash without a license.

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The indictment reveals that Bradley Anthony Stetkiw, 52, exchanged bitcoins with undercover federal agents who gave him thousands of dollars of cash on six separate occasions between 2013 and 2015.

During this period, Stetkiw conducted several transactions wherein he transferred over $1500,000 in bitcoins to customers across the United States. Part of this figure comes from undercover federal agents making a series of transactions with Stetkiw, paying him roughly $56,000 in cash in Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term for bitcoins, according to the indictment.

Stetkiw, whose internet alias is “SaltandPepper”, established a localbitcoins.com account to conduct illegal exchanges, a few months after the federal regulators made such practices without a money transmitter license a crime.

Although it's not illegal to possess bitcoins in the US, a license is needed to exchange them. According to the release, each time Stetkiw made the exchange, the federal agents were charged a fee. And when they attempted to get him to reveal his method of hiding money, he replied: “I’ve got a way of doing it, I’m not going to tell you how.”

The Treasury's Financial Crimes Enforcement Network (FinCEN) alleges that Stetkiw enabled his clients to exchange cash for bitcoins, charging a fee for his service "without a federal or state money transmitting license in violation of the Bank Secrecy Act.”

A sentencing hearing will be scheduled after the completion of a presentence investigation by the US Probation Office.