Sunday, October 29, 2017

Man In Michigan Prosecuted For Selling Bitcoin

According to local news media reports, a Michigan man named Bradley Anthony Stetkiw has been charged by local authorities for operating an unlicensed money transmitting business. The charges have been filed in US District Court.

Per the report, Stetkiw had been brokering Bitcoin transactions worth hundreds of thousands of dollars without the proper licensing required for monetary brokering. He had been using the website LocalBitcoins, and would meet his would-be clients at Tim Horton’s restaurant, going by the moniker ‘SaltandPepper.’

As part of a sting operation, federal agents met the trader and purchased more than $55,000 in Bitcoin over the course of a number of meetings, with Stetkiw even brokering deals with out of state sellers.

The government is not going to allow non-trackable Bitcoin transactions. There is no privacy advantage with bitcoin.


(via Jon Buck at CoinTelegraph)

1 comment:

  1. I thought the feds had decreed that crypto currencies were not money. A money brokering license shouldn't be needed. The CFTC has declared them to be commodities but commodity brokering is not related at the state level. The local authorities will be forced to drop their case.