FinCEN fines Helix and CoinNinja owner $60 million for money laundering

Discussion in 'Crypto Assets' started by mlawson71, Oct 21, 2020.

  1. mlawson71

    mlawson71

    The owner of two Bitcoin exchanges was fined by the American regulator FinCEN with 60 million USD because he laundered cryptocurrencies that were subsequently used in illegal activities.

    Bitcoin has often been criticized for being so easy to use to pay for nefarious activities and unfortunately this turned out to be another example of this stereotype. Larry Dean Harmon laundered cryptos worth 300 million USD. He was behind a pair of cryptocurrency exchanges that operated without complying with generally accepted anti-money laundering policies. He processed over 350,000 BTC transactions and for each of them he charged a fee of 2.5%.

    Because of incidents like this authorities look at cryptos with such intense suspicion and, I think, that is very unfortunate for the entire industry.
     
    Nobert likes this.