WCTV | Tallahassee, Thomasville, Valdosta | News, Weather, Sports

Florida Bitcoin Case Tests Money Laundering Limits

By: Associated Press News Email
By: Associated Press News Email
Florida has become the first state to bring criminal money laundering charges in a case involving the virtual currency bitcoin.

MGN Online

News Release: Associated Press News

By CURT ANDERSON

MIAMI BEACH, Fla. (AP) -- Florida has become the first state to bring criminal money laundering charges in a case involving the virtual currency bitcoin. It's a case that could test whether current law can adapt to new digital forms of payment.

Pascal Reid and Michell Espinoza were arrested Miami Beach in an undercover sting in February. Police found them by trolling a bitcoin exchange website and posed as credit card thieves looking to launder their illegal proceeds.

The two men have both pleaded not guilty and their lawyers hope to get the charges thrown out because unregulated bitcoins are not money as defined by law. Miami-Dade County prosecutors say the money laundering charges fit the alleged crime.

Law enforcement agencies are closely watching bitcoins for signs of illegal activity.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WCTV 1801 Halstead Blvd. Tallahassee, FL 32309
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 254619201 - wctv.tv/a?a=254619201