Trevon Gross, 47, was sentenced on Monday by U.S. District Judge Alison Nathan in Manhattan, reports Reuters. He was also ordered to pay a $12,000 fine.
The bitcoin exchange involved in the case was Coin.mx. Back in March 2016 it was reported that Gross, the former chairman of a now-defunct Jackson, N.J. federal credit union, was charged with accepting $150,000 in bribes from the bitcoin exchange to turn the credit union's functions over to the operators of Coin.mx.
According to court records, Gross is alleged to have conspired with Anthony Murgio, who operated Coin.mx and Yuri Lebedev, the exchange's computer operations manager, to fund the exchange's operations. In November 2015, Murgio had initially pleaded not guiltyto money laundering in a Manhattan court room.
From October 2013 to July 2015, the illegal bitcoin exchange exchanged millions of dollars for bitcoins from U.S. customers. Reports suggest that Murgio and others miscoded debit and credit card transactions and then limiting the amount of dollars of individual transactions to trick banks into completing the transactions.