U.S. citizen Morgan Rockcoons has been sentenced to fines and prison time for running unlicensed money exchange services on LocalBitcoins.
Advertising himself on the peer-to-peer bitcoin trading network, Rockcoons made more than 1,000 transactions with hundreds of different users. The U.S. Department of Justice (DoJ) pursued him on charges of not registering his business with the Financial Crimes Enforcement Network (FinCEN).
Rockcoons’ sentencing marks the end of a somewhat protracted legal battle, following his arrest in February 2018. Rockcoons attempted to sell 10 BTC to an undercover law enforcement officer for $ 14,500 in cash after the officer explicitly told him that the money was acquired through the production and sale of controlled substances.