Bitcoin
$ 31,874
Ethereum
$ 1,180.9
Litecoin
$ 137.45

US financial watchdog fines early Bitcoin mixer $60M for money laundering

FinCEN has fined the operator of early crypto mixers Helix and Coin Ninja for Bank Secrecy Act violations
The founder and operator of some of the first “mixing” services in crypto will have to cough up $60 million to United States regulators, even as he faces continued criminal charges.

The U.S. Treasury’s Financial Crimes Enforcement Network, or FinCEN, announced on Monday a $60 million fine against Larry Dean Harmon, the man behind Helix and Coin Ninja.

Harmon was arrested in February for operating a stable of tumblers, or mixers, that Washington, D.C. prosecutors allege constitute unregistered money services businesses. Those charges against him say he laundered over $300 million in Bitcoin. According to today’s announcement, “FinCEN’s investigation has identified at least 356,000 bitcoin transactions through Helix.”

Mixing services attempt to privatize cryptocurrencies by sending them through a massive series of transactions involving various wallets. The process aims to obscure the origins of coins as well as the entity in control of them when they come out of mixing. Harmon’s mixers were only accessible via the dark web.

FinCEN claims that Harmon deliberately flaunted the provisions of the Bank Secrecy Act, the cornerstone of U.S. Anti-Money Laundering legislation. It was violations of the BSA that led to criminal charges against the executive team of crypto exchange BitMEX earlier this month.

U.S. authorities have been on the prowl for criminal activity based on crypto. The Department of Justice recently released a report that highlighted privacy tokens like Monero (XMR) as a cause for alarm.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Cryptocurrency Providers In Singapore Will Now Face Regulation Under MAS
January 21, 2021By
US Federal Regulator Allows Banks to Issue or Use Stablecoins for Payments
January 21, 2021By
IOTA Co-founder Schiener Considers Partnership and Bridge to Cardano
January 21, 2021By

Advertisement

Video Posts

In
Africa Digital Finance Summit 2021
January 20, 20210
In
Promoting Blockchain Adoption in Africa
January 19, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin31,874 3.51 % 8.20 % 18.76 %
Ethereum1,180.9 1.77 % 9.63 % 2.96 %
Tether1.000 0.16 % 0.11 % 0.41 %
Polkadot16.61 2.16 % 2.05 % 15.41 %
XRP0.2701 1.12 % 8.64 % 8.74 %
Cardano0.3271 2.77 % 10.14 % 5.47 %
Litecoin137.45 2.84 % 3.63 % 9.71 %
Chainlink19.74 1.84 % 6.36 % 11.38 %
Bitcoin Cash423.60 1.62 % 11.95 % 19.68 %
Binance Coin39.81 1.12 % 4.41 % 4.68 %