U.S. Treasury’s FinCEN Issues $60 Million Penalty Against Operator of Bitcoin ‘Mixers’. The Wall Street Journal, Oct 19, 2020
For the first time, FinCEN imposed a civil penalty against virtual currency mixers and tumblers.
Cryptocurrency tumbler or cryptocurrency mixing offers the mixing of potentially identifiable or ‘tainted’ cryptocurrency funds with others, thus obscuring the identity of the original source.
This method of transactions often used in payments for drugs, child exploitation, fraudulent activities, money laundering, and terror financing.
FinCEN determined that the subject has failed to implement and maintain an effective anti-money laundering (AML) program.
