Florida's Bitcoin Sting Should Cast Doubt on Law Enforcement's Priorities and Money Laundering Laws
Authorities in Miami recently arrested two men in what may be the first instance of citizens being charged under state law for engaging in "too-large" bitcoin transactions. The two were contacted by undercover officers who were looking to exchange $30,000 dollars each for bitcoin, an amount which violates the state's money laundering laws. According....
Related News
Lawyers for the two men recently arrested in Miami for engaging in "too-large" bitcoin transactions are claiming that the men's actions were legal because state law covers only money issued by the US or another country. Many in the bitcoin community are hopeful that this argument is persuasive, seeing money laundering laws as an attempt to regulate thoughtcrime in finance. Others also argue that citizens do not currently owe the state of Florida any kind of explanation for why they want to buy or sell bitcoin. Sting operation. In what may be the first instance of citizens being charged....
At least two men in Florida have been charged for moving large volumes of bitcoins via the popular person-to-person exchange LocalBitcoins.com. They were charged under state anti-money-laundering laws following an investigation by the US Secret Service, said reports. Security blogger Brian Krebs reported that Michell Abner Espinoza of Miami Beach was arrested after a sting in which an undercover agent engaged him in a fake transaction to convert $30,000 worth of cash into bitcoins. In addition, 29-year-old Pascal Reid was also arrested after meeting with an undercover agent to exchange....
Two men in Florida have been arrested and charged following transactions arranged on the LocalBitcoins.com service, which allows bitcoin enthusiasts to buy and sell bitcoin with locals in-person. The men were charged with violating state anti-money laundering laws along with operating an unregistered money services business. The Miami Beach Police Department and the United States Secret Service Miami Electronic Crimes Task Force reportedly contacted individuals on the service looking to sell high volumes of the digital currency in what was to be a sting operation. One of those very....
FinCEN will soon issue regulations on how financial institutions should incorporate its priorities on crypto considerations into their AML programs. The United States’ Financial Crimes Enforcement Network will continue to closely follow the cryptocurrency industry as one of its top priorities for combating crimes like money laundering.FinCEN officially announced Thursday that “virtual currency considerations,” or operations involving cryptocurrencies like Bitcoin (BTC), will be among its top national priorities for countering terrorism financing and ensuring proper Anti-Money Laundering....
Michell Espinoza had a good Monday. On that day last week, the South Florida bitcoin exchanger saw money transmission and money laundering charges against him dismissed. Espinoza was arrested in 2014 for selling bitcoins to an undercover law enforcement agent, and he has again been thrust into the spotlight due to the potential impact of the case. The court's eight-page opinion, discussing the application of Florida money transmission and money laundering statutes to sales of bitcoin, was the first of its kind, and it suggested that certain notions of how the law views transactions made in....