A Michigan man by the name of Bradley Anthony Stetkiw has run into some serious trouble with local authorities after he tried to sell several hundred thousand dollars' worth of Bitcoin online. According to the Feds, Stetkiw's actions in selling the cryptocurrency supposedly violate laws that prohibit the operation of an "unlicensed money transmitting business," for which selling Bitcoin in high amounts apparently qualifies.

Charges filed in local district court say that the 52-year-old man had been running a Bitcoin exchange through a website called "LocalBitcoins" that facilitates the buying and selling of Bitcoin locally before he was apprehended. Government officials are claiming that Stetkiw needed to acquire a license, also known as getting the government's permission, before engaging in this alleged "business venture," which he apparently did not do. So they set up a sting operation in which federal agents purchased various amount of Bitcoin from Stetkiw on six separate occasions until he met the "anti-money laundering" regulatory threshold.