Man Prosecuted For Selling Bitcoin Over License Issue

man prosecuted for selling bitcoins

Local news media reported that a man named Bradley Anthony Stetkiw from Michigan had been charged for running an unlicensed business of bitcoin transactions by local authorities. The charges have been filed in US District Court.

According to the report, Stetkiw was brokering Bitcoin transactions of about hundreds and thousands of dollars without the proper license which is required for brokering. He was using LocalBitcoins for doing these transactions, and used to meet his clients at Tim Horton’s restaurant, using the alias ‘SaltandPepper.’

Some federal agents met him as a part of some sting operation and purchased more than $55,000 in Bitcoin over several meetings. Stetkiw was also brokering deals with sellers outside the state. These activities have to be licensed by state and federal agencies.

This operation shows that Bitcoin is still under consideration and not entirely adapted as decentralised currency comes with the risk of illegal activities. Governments are accepting the potential growth, but they also show their concern over the dangers which cryptocurrencies brought with them.

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