The American Bitcoin trader, Jacob Burrell Compos was sentenced to serve a 2 year prison sentence for “operating an unlicensed money transmitting business” according to the Department of Justice. The DoJ announced that Campos, on its official website, had already been in custody for eight months prior to this verdict. He entered a guilty plea in late October as he admitted to running a Bitcoin exchange without registering with the FinCEN or the Financial Crimes Enforcement Network.
According to an article sourced in Bitcoin Magazine, this trader was contacting transactions on a unlicensed exchange with US and and Mexican clients who were not checked at all. The concern here, clearly the message is, anti-money laundering authorities will be at your doorstep if this takes place. There are billions of dollars of funds flowing around that the cartels must clean and launder before bringing back to Mexico or other countries in the region.
As long as trades are carried out over official exchanges, there should be no problem, according to a DoJ spokesman. David Shaw, a special agent for homeland security investigations in San Diego, called the trial a “reminder to those illegal and unlicensed money transmitters that the laws and rules apply to cryptocurrency dealings just as they do to other types of financial transactions.” There are currently efforts to address the price manipulation which was prevalent in 2018, and one would think that the authorities will make arrests.