Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: mlawson71 on October 22, 2020, 05:05:57 PM

Title: FinCEN fines Helix and CoinNinja owner $60 million for money laundering
Post by: mlawson71 on October 22, 2020, 05:05:57 PM

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%.
Source (https://www.forexbrokerz.com/news/fincen-fines-helix-coinninja-owner)
It is incidents like this that give exchanges and cryptos a bad name, unfortunately.

Title: Re: FinCEN fines Helix and CoinNinja owner $60 million for money laundering
Post by: Legion on October 28, 2020, 03:56:24 AM

This is a terrible activity because it can tarnish the reputation of a cryptocurrency.