A Los Angeles resident can be sentenced to 30 months in prison for exchanging bitcoins without a license

A Los Angeles resident can be sentenced to 30 months in prison for exchanging bitcoins without a license

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A cash trader from Los Angeles can wait more than 2 years in prison for illegally providing financial services, writes NBC Los Angeles.

Fifty-year-old Theresa Tetley, acting under the nickname “Bitcoin Maven”, earned at least $300,000, trading with a cryptocurrency on Localbitcoins.com from 2014 to 2017. During this time, she carried out transactions ranging from $6 million to $9.5 million.

Tetley acknowledged her guilt in providing financial services without registration and exchanging 80 BTC for $70,000 during a transaction through which money was transferred to her account from the sale of drugs, court documents say.

She can expect a 30-month prison sentence, which the prosecution insists, which also expects to confiscate 40 bitcoins, $292,264 and 25 gold bars seized by law enforcement officers in March.

According to the prosecutor’s office, Tetley’s activities “provided the functioning of the black market system of the central district of California, which was intentionally carried out outside the regulated banking industry.”

In December 2017, a resident of Detroit, engaged in the exchange of cryptocurrency, was sentenced to 366 days of imprisonment for a similar charge. Sal Mansi also traded through the site Localbitcoins.com and for 2 years exchanged $2.4 million.

“Exchange and transfer of bitcoins through a company that provides financial services without registration, is a violation of the federal law. Mansi knew that he had to register with the Network on Combating Financial Crimes (FinCEN),” the prosecution said then.

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