Bloomberg Law
Oct. 19, 2020, 8:25 PM UTC

Bitcoin Money Launderer Fined $60 Million by Treasury’s FinCEN

Lydia Beyoud
Lydia Beyoud
Fintech & Regtech Reporter

An Ohio man who operated platforms allegedly used to launder Bitcoin for criminals is facing a $60 million civil penalty by the U.S. Treasury Department’s financial crimes unit.

The fine against Larry Dean Harmon of Akron, Ohio, marks the Financial Crimes Enforcement Network’s first action against so-called “mixers” or “tumblers” — fee-based services that mix digital assets to make them more difficult to trace back to the original holder.

Harmon operated unregistered money services businesses in violation of the Bank Secrecy Act, doing business as Helix from 2014 to 2017 and Coin Ninja from 2017 to 2020, FinCEN said in ...

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