Florida LocalBitcoins User Loses Bid to Dismiss Money Transmitter Charge
A Florida circuit court judge has issued a ruling suggesting that individual bitcoin dealers could be considered money transmitters under state statutes. Lawyers representing the defendant, 29-year-old Pascal Reid, had sought to strike down the charge, one of three, on the interpretation that a state resident would need to be a money services business (MSB) or operating on behalf of such an entity to be in violation of the law. The decision, delivered today by Circuit Court Judge Fleur Lobree, argued that a
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The Bitcoin Foundation announced Thursday afternoon that they have filed an amicus brief with respect to a criminal case surrounding bitcoin transactions in the state of Florida. Said case involves an individual who has been accused of being an unauthorized money transmitter, in addition to facing two counts of laundering money. The case involves two men, Pascal Reid (29) and Michel Abner Espinoza (30), who were both sellers of bitcoin on LocalBitcoins.com. Undercover officers each purchased $1,500 worth of bitcoin from the men, noting that they were going to use the digital currency to....
The Bitcoin Foundation, the digital currency's chief trade organization, has filed an amicus brief in connection with a Florida state criminal case involving Pascal Reid, a LocalBitcoins.com user who was arrested and charged with operating an unauthorized money transmission business and money laundering earlier this year. An amicus brief, known formally as an amicus curiae, is a legal tool that can be exercised by parties with strong interests in a case who want to ensure an outcome that is consistent with their views. In this instance, members of the Bitcoin Foundation told CoinDesk, the....
The process of purchasing bitcoins on a LocalBitcoins ATM will not require an Internet connection. It seems a few arrests in Florida are not going to slow down progress over at LocalBitcoins. LocalBitcoins ATMs are now in production, and users will soon be able to make local trades without having to find a human counterparty. Their ATMs will allow anyone to buy or sell bitcoins, and the most amazing feature of these new devices might be that they don't require an Internet connection to function. Instead of connecting with your phone, the LocalBitcoins ATM will give a user a redeemable code....
The state Florida made headlines when Miami-Dade’s Circuit Judge Teresa Mary Pooler tossed out anti-money-laundering charges against website designer Michell Espinoza. According to recent reports, though, the state is filing an appeal against the decision to dismiss charges. State Of Florida Appeals Judge Pooler’s Decision to Dismiss Charges. In February....
This just in from Krebs on Security, on Thursday the 6th of February, two Floridians have been arrested for breaking state level anti-money laundering laws in place in Florida. Michael Espinoza, whom went by Michaelhack on Localbitcoins, and Pascal Reid, whom went by proy33 on Localbitcoins, were both arrested yesterday on anti-money laundering and unlicensed money transmitter charges. Both individuals were arrested at meetings with undercover police officers whom had arranged to buy $30,000 worth of Bitcoins. Notably, both instances involved $1,000 “trust establishing” buys by....