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Man Arrested for Selling Bitcoin Without Asking for ID

24-year-old Eldon Stone Ross, from Kenett Square borough of Chester County, Pennsylvania, has been sentenced on Wednesday to serve for a year and half in federal prison for selling and buying large amounts of bitcoin to people without reporting the transactions to the US government.
He reportedly sold 1.5 million USD worth of bitcoin for almost two years which he made only 40,000 USD in commissions. Ross now has to surrender the sum to the government in addition to the 1.5 years of prison sentence.
Ross has confessed to selling 50,000 USD worth of bitcoin to undercover federal agents related to Homeland Security Investigations last October 2017. Similar to previous cases recorded in the US, the system claims that by not conducting exchange like know-your-customer (KYC) procedures and relaying it to the Department of Treasury, Ross was therefore enabling money laundering.
It is worth noting that Eldon Stone Ross is already in prison for drug offenses around the time he was supposedly operating the illegal money transmitting business, says Philadelphia Inquirer. This means that after his prison term, he will be subjected to another 3 years of supervised release.

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