Bitcoin mixer fined by FinCEN, Third lawsuit filed against BitMEX and regulation report from Coinbase

3 min readOct 21, 2020


Photo by Aleksi Räisä on Unsplash

FinCEN fines Bitcoin mixer operator $60 million

The past month is all about regulations and lawsuits. It all started with Europol who mentioned privacy tools and mixers as a ‘top threat’. After that, the CFTC announced a filing of a civil enforcement action against BitMEX.

And now, the The Financial Crimes Enforcement Network (FinCEN) has levied its first-ever financial penalty against a Bitcoin mixer.

The US Treasury Department’s bureau focuses on money laundering and national security. They fined Larry Dean Harmon, the creator and operator of Helix and Coin Ninja, with a $60 million civil money penalty.

Harmon is already facing criminal money laundering charges by allegedly helping obscure the source of over $300 million in Bitcoin for AlphaBay darknet patrons from 2014 to 2017.

Source: Decrypt

Third lawsuit filed against BitMex

It doesn’t stop with the CFTC and the derivate exchange BitMEX. A resident of Moscow has filed another lawsuit against BitMEX for violating regulations and manipulating markets, with legal claims amounting to $50 million.

The lawsuit alleged that HDR Global Trading Limited violated the Know Your Customer (KYC) and anti-money laundering (AML) policies, which caused hackers and tax evaders to use the exchange.

Dmitry Dolgov alleges that this parent company of BitMEX, the exchange’s founders Arthur Hayes, Ben Delo, and Samuel Reed, and others, engaged in and facilitated racketeering activities.

Further, the lawsuit claimed that BitMEX’s “own data” indicated that the exchange “generated over $30,000,000 in profit during three market manipulation events” between 2019 and 2020.

Coinbase shares Report about Requests Customer Information

Last Friday, Coinbase published its first transparency report, revealing the scope how often law enforcement agencies targeted the cryptocurrency giant for customer information.

According to the report, Coinbase received 1,914 requests for information in the first 6 months of 2020 alone. Nearly 60% of those came from state and federal agencies in the U.S., primarily from the FBI, Homeland Security and the DEA.

Dozens of requests, however, came from other agencies, including the U.S. Postal Inspection Service and the immigration enforcement agency, ICE:

Source: Coinbase

Cashcow Awards 2020

In the Crypto2Cash Chronicle from last week we announced that we are nominated for the prestigious prize of ‘Best Crypto Broker’ of the Netherlands.

We’re very glad and proud for being on this shortlist. But as we mentioned last week: we need your help! You can vote via this link until October 24th (12:00). The Cashcow Awards will be presented on October 30th during online Investors Fair.

Please click here to vote for Crypto2Cash as the best Crypto Broker!

Give us a call on +31 85 2250 510 or email us at Our members of staff are available between 9.00–18.00 CET to answer any question you may have, especially in regards to easily selling your crypto for fiat currencies.




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