Florida man who sold Bitcoin to undercover cop re-charged with felony

posted over 1 year ago
A website designer based in Florida was charged with illegally transmitting & laundering $1,500 worth of Bitcoin. The case had been dropped & this week re-opened, as the court this week stated that because he made a profit selling BTC to the undercover detective, he was engaged in “unregulated money transmitting,” as he didn’t register with Florida’s Office of Financial Regulation. The ruling will now see felony charges against the man be reinstated, & could mean those selling BTC in the state of Florida will have to register with Florida’s Office of Financial Regulation to avoid a similar situation. The Miami Beach man’s case saw lawmakers in the state add “virtual currency” to the Florida law targeting money laundering, therefore officially defining & recognizing Bitcoin as money.

Now it’s up to the jury to decide whether he is guilty of money laundering, as the undercover detective who approached him to buy BTC claimed he’d use the cryptocurrency to buy credit card numbers stolen by Russian hackers. The man was approached by the undercover detective back in 2014, after he was found advertising a Bitcoin sale on P2P exchange LocalBitcoins. In the first two meetings, Espinoza made an $83 & $168 profit on the transactions, & 2 meetings later was arrested at a Miami Beach hotel.
Tags: bitcoin, news