PANews reported on July 9 that according to an announcement by the U.S. Department of Justice, Artur Schaback, co-founder and former chief technology officer of Paxful Inc., pleaded guilty to conspiracy to fail to maintain an effective anti-money laundering (AML) program. From July 2015 to June 2019, Schaback allowed customers to trade on the Paxful platform without providing sufficient KYC information, falsely presented AML policies, and failed to file suspicious activity reports. Schaback will be sentenced on November 4, facing up to five years in prison, and will resign from the board of directors of Paxful Inc.