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Coin Ninja And Helix CEO Hit With $60 Million Fine From US Regulator For Money Laundering
Summary: The U.S. Treasury's Financial Crimes Enforcement Network has hit a Bitcoin mixer with a $60 million fine for violating the Bank Secrecy Act, according to an announcement published on Monday, October 19. The regulator alleges that Larry Dean Harmon, the founder of two mixing services - Helix and Coin Ninja - operated the companies as unregistered ...
The U.S. Treasury's Financial Crimes Enforcement Network has hit a Bitcoin mixer with a $60 million fine for violating the Bank Secrecy Act, according to an announcement published on Monday, October 19.
The regulator alleges that Larry Dean Harmon, the founder of two mixing services - Helix and Coin Ninja - operated the companies as unregistered money services businesses in violation of the Bank Secrecy Act.
The BSA requires money services businesses to develop an anti money-laundering compliance program and adhere to know-your customer guidelines. Instead, the regulator claims, Harmon advertised his services as a means to pay for illicit items and failed to collect or verify customer information.
Mr.Harmon was arrested in February for similar charges and is facing federal charges for allegedly laundering over $300 million in Bitcoin.
By Emily Mason
Tags: Bank Secrecy Act,Bitcoin,BTC,Coin Ninja,Helix,Money Laundering
Link: Coin Ninja And Helix CEO Hit With $60 Million Fine From US Regulator For Money Laundering [Copy]
