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FinCEN Targets Cryptocurrency Mixer with Unprecedented $60 Million Penalty

By Valentina Pasquali

U.S. officials for the first time Monday imposed a monetary penalty against a provider of cryptocurrency anonymizing services for breaching anti-money laundering rules and enabling drug traffickers, fraudsters, sanctions evaders and other criminals to move funds. Larry Harmon, of Akron, Ohio, must pay $60 million after the Treasury Department found that he "deliberately" violated the Bank Secrecy Act, or BSA, by failing to vet clients who funneled tens of millions of dollars in bitcoins through Helix and Coin Ninja, two cryptocurrency mixers, or tumblers, he ran from 2014 to 2017 and from 2017 until this year, respectively. Helix's attempts to...

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