Three Bitcoin traders arrested in Florida for money laundering

On January 2nd, Florida police arrested three people suspected of money laundering after a long investigation into the face-to-face Bitcoin trading world.

Traders arranged a face-to-face meeting through the localbitcoins.com website, where they would hand over their Bitcoin wallet code in exchange for cash, making the transaction virtually untraceable.

State prosecutors believe that this is a money transfer business and charge these people in accordance with the Florida version of anti-money laundering regulations. This regulation is the same as the anti-money laundering regulation used in the case against BitInstant CEO Charlie Schrem.

This case is particularly noteworthy because of the huge amount of money involved. One defendant’s LocalBitcoins data showed that he had traded more than 150 bitcoins in the past six months, totaling more than $100,000.

The arrests also hit one of the few Bitcoin sources that remained anonymous, as more and more exchanges no longer use cash transfer services.

Read more about

Disclaimer

LockMeta endeavors to provide accurate and current information. However, due to the evolving nature of the crypto space and reliance on external sources, we cannot guarantee its complete accuracy. We advise users to conduct their own research and consult professionals before making decisions. LockMeta assumes no liability for actions based on our content.

Advertisement

More from this stream

Recomended

UK Regulatory Body Reviews Microsoft-OpenAI Partnership for Potential Market Impact

The United Kingdom's watchdog for stopping unfair business, the Competition and Markets Authority (CMA), is looking closely at the partnership between Microsoft and OpenAI.

EU Considers WTO Legal Action Against U.S. Over Steel and Aluminum Trade Dispute

The EU might restart a lawsuit against the USA at the World Trade Organization (WTO) because of a metal trade fight left from when Trump was president.

U.S. Economy Faces Mixed Outlook as Stock Market Braces for 2024 Shifts

Michael Hartnett, a strategist at Bank of America, recently said that the continued rebound in U.S. Treasury prices suggests a slowdown in economic growth.

Norwegian Sovereign Wealth Fund Challenges Tesla on Labor Rights

Tesla and a group of Swedish auto mechanics are in a growing dispute.