Local entrepreneur Klein talks bitcoin crime with Time

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Entrepreneur sentenced for bitcoin crime

Jason Klein, who was sentenced to probation and ordered to pay a fine for a bitcoin sales cybercrime, told his side of the story to Time.

Klein pleaded guilty in May last year and was sentenced in September for running an illegal money-transmitting business by exchanging bitcoin for cash without a license.

In the article with Time, he spoke about a potential sentence of 10 years or more in prison.

“With the family and business and everything, I couldn’t even comprehend that,” Klein said.

He said he made a mistake by continuing to meet with customers, who were actually undercover agents - especially since the customers implied they were drug dealers.

“Obviously I erred in continuing to meet with those guys, but I never felt like I was doing anything wrong," he said.

Klein refinanced his home and depleted his savings in anticipation of a trial but ultimately agreed to plea guilty.

Time spoke with other sources who indicated Klein got caught in the government's crosshairs as it seeks to regulate cryptocurrencies.

“Once this catches on and people start running with it, I feel like it’s going to snowball," Klein said.

Read more from Time.