Breaking

Saturday, October 28, 2017

USA undercover operation ends in arrest for selling Bitcoin without a license...

Today in Michigan a man named Bradley Anthony Stetkiw was charged with operating a "money transmitting business" without a license.

All because he sold bitcoins on Localbitcoins.com, a site that allows users to sell person to person without an exchange acting as a middle man.

After undercover agents arranged to buy $55,000 in Bitcoin, Bradley found himself under arrest.  The charges specifiy he violated Title 31 of United States Code, Section 5330 which requires "Registration of money transmitting businesses". You can read the full law here. 

It's the first charge of it's kind and still unclear if it will hold up in court.

This is the second story this month where Localbitcoins.com played a role in a Bitcoin trader finding themselves in a mess, last time, someone using the site ended up getting kidnapped.

We will be following new developments in the case as they arise.
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Author: Oliver Redding
Seattle News Desk