FinCEN Hits Bitcoin Service Operator With $60M Fine
Law360 (October 19, 2020, 3:43 PM EDT) -- The Financial Crimes Enforcement Network on Monday levied a $60 million civil money penalty against the head of two bitcoin businesses for violations of Bank Secrecy Act regulations, stating that he facilitated illicit activity including drug transactions and child pornography by operating in the "darkest spaces of the internet."
Larry Dean Harmon, founder of Helix and Coin Ninja, so-called crypto mixers or tumblers, administered and operated the businesses from 2014 to 2017 and from 2017 to 2020, respectively, without registering as a money services business, or MSB, FinCEN said in its assessment of the civil monetary penalty.
"FinCEN's investigation revealed that...
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