Bitcoin dealer Jacob Burrell Campos has been sentenced to two years in prison for operating an unlicensed bitcoin exchange, the Attorney’s Office of the Southern District of California announced. He must also forfeit $823,357 in illicit profits.
Burrell pleaded guilty in October. He failed to register his exchange with the Financial Crimes Enforcement Network of the U.S. Department of Treasury and did not implement necessary anti-money laundering or know-your-customer policies. He also admitted to not performing due diligence regarding the origin of the money that appeared on his exchange.