Miami Judge Declares Bitcoin Is Not Money
A Miami judge just ruled that Bitcoin is not money, and its sale unintentionally for illegal purposes does not constitute money laundering. In a money laundering case where Florida man Michell Espinoza was accused of laundering money by selling Bitcoin to detectives who implied they were going to use it for illegal activity, presiding judge Teresa Pooler ruled that Bitcoin does not qualify as a financial instrument. “The definition of “financial transaction is found in § 896.101(2)(d), Fla. Stat. A “financial transaction” is a “transaction… involving one or more monetary instruments, which....
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A landmark criminal case believed to be the first involving a money-laundering charge involving bitcoin has seen its verdict. The criminal charges thrown out, with bitcoin not deemed to qualify as money, according to the ruling judge. Defendant Michell Espinoza was arrested in 201andmd charged with “illegally selling and laundering” $1,500 in bitcoin to an undercover law enforcement officer. Prosecutors alleged that Espinoza had violated Florida’s anti-money laundering law by operating as an unlicensed money transmitting business. However, Miami-Dade Circuit Judge Teresa Mary Pooler has....
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....
Miami-Dade Circuit Judge Teresa Pooler has dismissed a money-laundering case involving an alleged “illegal sale” of bitcoins, after declaring that under the laws of the state, the digital currency is not considered to be a form of money. Defendant Michell Espinoza was arrested after being accused of selling bitcoins to undercover detectives who told him that they were interested in purchasing $1,500 worth of bitcoins in order to obtain robbed credit card numbers. Florida law enforcement charged Espinoza with one count of operating as an unauthorized money transmitter and one count of money....
A Miami judge has dismissed charges against a Florida-based bitcoin seller after he was indicted in 2014 on illegal money transmission and money laundering charges. Judge Teresa Mary Pooler sided with the defense's argument that bitcoin doesn't constitute a form of money within the confines of Florida’s legal system, stating in a ruling issued today that Michell Espinoza doesn't qualify as a money transmitter as argued by the prosecution. The case was tried in the Eleventh Judicial Circuit of Florida. Observers say that the ruling exposes how state statutes don’t account for bitcoin and....
The judgement in the Michell Espinoza money laundering and illegal bitcoin sales case has declared that Bitcoin can't be considered as money. The recent judgement by the Miami-Dade Circuit Court declares that the popular digital currency, Bitcoin can’t be considered as money. The decision made by Judge Teresa Mary Pooler exonerates Michell Espinoza from the charges of illegally selling virtual currency and money laundering. Michell Espinoza, the defendant in the case was arrested by the police as a result of an undercover operation. He was caught while attempting to sell $1500 worth of....