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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!