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Former BitInstant CEO and Bitcoin Foundation board member Charlie Shrem was sentenced this afternoon to two years in prison after pleading guilty to aiding and abetting the operation of an unlicensed money transmitting business.

Shrem will also serve three years of supervised release in addition to the prison sentence.

Judge Jed Rakoff, who presided over the case, rejected the defense’s plea for probation only, but stopped short of imposing a harsher sentence based on the charges at hand.

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