Arrests And Prosecutions Reveal Big Vagaries In Bitcoin Selling Regulations
U.S. laws governing bitcoin trading are vague and sometimes lead to complicated law enforcement actions, according to an article in Fast Company magazine. Anti-money laundering laws require exchanges to verify customers’ identities, but what constitutes an exchange can sometimes be unclear. A Louisiana chiropractor who used his credit card merchant accounts to sell hundreds of thousands of dollars’ worth of bitcoin pled guilty last month to operating an unlicensed money servicing business. The chiropractor advertised “bitcoin services” on LocalBitcoins.com, a marketplace where bitcoin....
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