A cryptocurrency trader has been convicted in the U.S. for operating an unlicensed money-transmitting business using Localbitcoins and Paxful. He faces up to five years in federal prison and a possible $250,000 maximum fine.
Crypto Trader Pleads Guilty
The U.S. Department of Justice (DOJ) continues to take action against crypto traders using services such as Localbitcoins and Paxful to buy and sell cryptocurrencies as a business without a license. The latest such case involved Hien Ngoc Vo, a 49-year-old man from Seattle, Washington, who operated an unlicensed crypto business in Houston, Texas.
The DOJ announced Wednesday that Vo has pleaded guilty to running an unlicensed money transmitting business in the Houston area between March 16 and June 8, 2016. The Department of Justice detailed:
Vo used Paxful and Localbitcoins to buy and sell bitcoin … He profited from sales by collecting a percentage of the transactions which ranged from 5-30%.
Within the three months specified, Vo’s...
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