Three traders have been reportedly arrested in Florida over alleged involvement in face-to-face bitcoin trading.
The traders used the site localbitcoins.com and arranged face-to-face meetings in which they would hand over virtual currency, Bitcoin, wallet codes in exchange for cash, rendering the transactions effectively untraceable.
According to The Verge, despite the transactions being untraceable, the state attorney considers that a money transmittal business, and has charged the men under Florida versions of the anti-money laundering statutes. The report said that the case was particularly important due to the major volume of money involved, with one defendant's LocalBitcoins profile showing him trading more than 150 bitcoins in the last six months, adding up to well over 100,000 dollar.
