Florida state police have arrested three alleged money-launderers after a lengthy investigation into the world of face-to-face bitcoin trading, reports Krebs on Security. Working through the site localbitcoins.com, the traders arranged face-to-face meetings in which they would hand over Bitcoin wallet codes in exchange for cash, rendering the transactions effectively untraceable. Unfortunately for them, the state attorney considers that a money transmittal business, and is charging the men under Florida versions of the same anti-money laundering statutes used in the case against BitInstant CEO Charlie Shrem. The case is particularly noteworthy for the sheer volume of money involved.
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