The founder and operator of some of the first cryptocurrency “mixing services” has to pay $ 60 million to regulators, although he still faces criminal charges.

The Treasury Department’s Financial Crimes Network, or FinCEN, announced on Monday a $ 60 million fine against Larry Dean Harmon, the man behind Helix and Coin Ninja.

Harmon was arrested in February by the Washington attorney for using a group of tumblers or mixers. The charge against him states that he laundered over $ 300 million in Bitcoin. According to today’s announcement, “FinCEN’s investigation has identified at least 356,000 bitcoin transactions via Helix.”

Hybrid services are trying to privatize cryptocurrencies by sending them through a huge series of transactions using different wallets. This process aims to hide the origin of the coins, as well as the device that controls them when they come out of the mix. Harmony faucets were only available on the darknet.

FinCEN claims that Harmon is deliberately violating the Bank Secrecy Act, which is the cornerstone of US money laundering legislation. It was a BSA violation that led to a criminal case against the BitMEX cryptocurrency exchange management group earlier this month.

The US authorities are looking for cryptocurrency-based criminal activity. The Justice Department recently released a report in which privacy features such as Monero (XMR) are cause for concern.

Source: CoinTelegraph

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