Judge Orders LocalBitcoins User to Teach Police on Digital Currency
A judge has sentenced Florida LocalBitcoins user Pascal Reid to serves 90 days in jail in a ruling that closes a high-profile legal case dating back to February 2014. Originally charged with operating an unauthorized money transmission business and with money laundering, Reid plead guilty to a single count of operating as an unlicensed money transmitter. Reid will receive five years probation and must provide informational assistance to law enforcement and financial entities about bitcoin and digital currencies. As part of the deal, Reid has been tasked with completing "no less than 20....
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Source: localbitcoins.blogspot.fi. Today, LocalBitcoins.com announced the coming of their very own bitcoin ATM solution. Aptly named the LocalBitcoins ATM, the device allows users to both buy and sell the digital currency. Users buying bitcoin at the ATM are provided with a redeemable code to be used on LocalBitcoins.com. Selling requires the user to load bitcoin on their LocalBitcoins wallet, go to the ATM URL and a code is provided. The user types the code into the machine, and out it comes in fiat. LocalBitcoins says the machine can be programmed to support over 100 currencies from....
Looking to move some BTC in exchange for fiat currency? Maybe you have a bill that needs quick payment? More of the digital currency market has been using services like LocalBitcoins.com this year than ever before. Think of LocalBitcoins.com as the eBay or Craigslist of the Bitcoin space. Its user interface is very eBay-like, but it performs most of its business in a Craiglist local meet-up style. This week, I gave them a whirl in my first real trade via their website. Trading BTC on LocalBitCoins. Wanted $100 in United States Federal Notes (Technically, all dollar bills are IOUs and are....
You may recall that earlier this year (February, to be precise), bitcoin buying/selling matchmaker LocalBitcoins.com announced they were working on a bitcoin ATM project. There was even a first batch available, but now, the service is taking orders for their newer-looking device, which LocalBitcoins says does not require an internet connection. With a 30-note recycler and capable of holding 300 notes, the ATM probably isn't ready for use in high-traffic areas, and it's really not that aesthetically pleasing, either. The LocalBitcoins teams does add that the ATM is upgradeable, and they're....
A Florida judge is scheduled to decide on July 1 if bitcoin is really money, according to American Banker. The judge is expected to rule whether a man charged with selling bitcoin to undercover police was violating the state’s anti-money launder law, as charged by law enforcement. The defense argues that bitcoin is personal property, so the man can’t be accused of operating an unlicensed money transmitter business. Police arrested Michel Espinoza in a Miami Beach motel in 2014 for agreeing to sell $30,000 worth of bitcoin to an undercover police officer he met on LocalBitcoins.com.....
Following yesterday's statement from LocalBitcoins regarding issues with its wallet service, the website has released its follow-up investigation report. The report focused in part on claims that the site's two-factor authentication failed to prevent a wallet breach. LocalBitcoins also addressed the cause of withdrawal delays that took place as users tried to move their bitcoins away from the site following the posting of user concerns on reddit. The LocalBitcoins team wrote in the report's introduction: "LocalBitcoins team did not found any evidence of compromised site security." Report....