Coin Ninja and Helix Bitcoin mixer founder, owner, and operator, Larry Dean Harmon has to cough up $60 million after the Financial Crimes Enforcement Network (FinCEN) found him violating the Bank Secrecy Act (BSA) and its implementing regulations.
FinCEN investigated Mr. Harmon and the operations of Helix and Coin Ninja and found that both businesses were “money transmitters” under 31 C.F.R § 1010.100(ff)(5) and “financial institutions under31 C.F.R § 1010.100(t).
Mr. Harmon allegedly operated Helix as an unregistered money services business (MSB) from 2014 to 2017 and Coin Ninja from 2017 to 2020.
“Mr. Harmon is currently being prosecuted in the U.S. District Court for the District of Columbia on charges of conspiracy to launder monetary instruments and the operation of an unlicensed money transmitting business in connection with his operation of Helix,” the agency said.
Helix Bitcoin mixer owner allegedly laundered over $311 million
In its 2013 Guidance, FinCEN made it clear that exchangers and administrators of convertible virtual currency are money transmitters under the BSA.