http://everycryptonews.com/24-year-old-jailed-selling-bitcoin-without-asking-id/US law agencies can celebrate another success in their tireless crusade to stop unlicensed money transmitting in the land of the free. The latest victory is sending a 24-year old crime kingpin to federal prison for making $40,000 from trading bitcoin offline.
Eldon Stone Ross, a 24-year-old from Kennett Square borough of Chester County, Pennsylvania, has been sentenced on Wednesday to serve a year and a day in federal prison for buying and selling large amounts of bitcoin to people without reporting the transactions to the US government.
The young man supposedly sold $1.5 million in bitcoin for almost two years but made only $40,000 (a mere 2.6%) in commissions, which he now has to hand over to the government in addition to his year-long prison sentence. He has been convicted for conducting an unlicensed money transmitting business between January 2015 and November 2016 and failing to report the fiat to bitcoin transactions.
I think he was using local bitcoins to make his sales.
People are better off buying and selling on the exchanges, because that way the responsibility to check ID lies with the exchanges and not you.
Fake IDs and people accessing the trade from the different country has been done by the many people as I know about the localbitcoins.com still jailing him for trading and all too much I think.
If they are perfectly share the tax receipts to the taxation department there would not any trouble by them.
Really unhappy to hear one of the traders got jailed.