Three Bitcoin Traders Arrested in Florida
The Florida State Police has arrested the three suspected money launderers after a prolonged discussion and investigation into the world of face-to-face Bitcoin trading as reported by Krebs on security.
While performing their tasks through localbitcoins.com, the traders managed the face-to-face encounter that would involve sharing the Bitcoin wallet codes in return for the cash that would render the transactions literally untraceable. Unfortunately for them, the state attorney thinks that a business of money transferring as well as its charging the men under the same versions of Florida of the same anti-money laundering situation that is used in the case against the BitInstant CEO Charlie Shrem.
This case is quite noteworthy considering the amount of money involved in it. The culprits involved in this case are accused of sharing a huge amount of money in Bitcoins. The profile of one of the defendant’s LocalBitcoin revealed some extraordinary dealings in Bitcoins. He is reported to deal 150 Bitcoins in the last six months. The sale of so many Bitcoins would result in earning almost $100,000. The localbitcoins.com platform was reported to involve plenty of buyers and sellers of virtual currency. The arrests also attacked one of the famous sources of Bitcoins that were not recognized as more and more renowned exchanges are saying goodbye to cash transfer services. According to the security researcher Nicolas Weaver told Krebs that this community is the best platform for dealing in a significant amount of anonymous Bitcoins.
According to experts, this is perhaps the first time that Bitcoin vendors have been penalized under the anti-money laundering rules. The experts also think that such kinds of punishments could end their last remaining chances for dealing in Bitcoins anonymously.
Weaver said that it is very hard to buy Bitcoins. The fact that the transactions made through Bitcoins are irreversible makes the things exchanged with them also irreversible. This means that you have to wait a long time for bank transfer or wire transfer for getting successful. If you want the transactions more quickly, you will have to use localbitcoins.com where you will pay cash for gathering Bitcoins.
Weaver has the point of view that many other states will soon follow the suite by cracking down on the high dollar sellers of Bitcoins on localbitcoins.com. This step will put a stranglehold on the life of black marketers. The states must crack down the platform for exchanging the Bitcoins
at high rates.