The U.S. has been cracking down on individuals utilizing the peer-to-peer platform Localbitcoins resulting in an Arizona resident convicted for money laundering tied to over $164,000 worth of cryptocurrency trades.
Thomas Costanzo, a trader, is said to have exchanged the money (in Bitcoins) on the Localbitcoins platform.
The report on beat.10ztalk.com says the U.S. Attorneys Office from the District of Arizona and the Justice Department has convicted Costanzo (AKA Morpheus) for the transaction on Localbitcoins.
The officials claim the investigation stemmed from over two years of transactions.
Last year in April news.Bitcoin.com reported on Costanzo’s home being raided and when he was detained by Homeland Security on April 20, 2017, said the portal.
“At the time local media outlets suggested that the charges against Costanzo stemmed from a nationwide cryptocurrency anti-money laundering crackdown by U.S. officials,” it said.
Costanzo also ran his own over-the-counter cryptocurrency sales and prosecutors charged him with five counts of money laundering on March 28, 2018.