Published On: Sat, Oct 28th, 2017

Michigan Man Busted for Unlicensed Bitcoin Exchange – Faces Jail Time

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A man in Michigan is facing federal charges for operating an unlicensed Bitcoin exchange after selling over $55,000 USD of Bitcoin to undercover agents.
There’s a song that goes, “I fought the law, and the law won.” The reality is that the law usually wins as the state can devote an incredible amount of resources upon an individual or organization when it wishes to. Lately, the US government has been looking hard at unlicensed Bitcoin exchanges, which runs afoul of federal law. The latest catch for law enforcement is 52-year-old Bradley Stetkiw of Michigan as he was recently named in a federal indictment for illegally exchanging Bitcoin in Bloomfield Township.
Buying some Bitcoin while chowing down on some donuts.
Selling Bitcoin Out of a Restaurant
While there’s no information on how law enforcement got wise to Bradley Stetkiw operating an unlicensed Bitcoin exchange, the details of his operation was that he would meet buyers in person at a Tim Hortons restaurant and sell bitcoins at a premium. He actively used the LocalBitcoins website, where he went by the moniker of “SaltandPepper.” (I guess he was big into 80s rap groups.)
Over the course …

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