๐จ Crypto Regulatory Alert ๐จ
๐ Last year, crypto firms paid a whopping $5.8 billion in fines, with $4.3 billion hitting Binance, highlighting a surge in Anti-Money Laundering (AML) penalties. Traditional finance fines lagged at $835 million, the lowest in a decade.
๐ Fenergo data shows a 30% increase in money laundering fines to $6.6 billion, emphasizing the need for stronger oversight. 2023 witnessed 11 fines against crypto firms, a stark contrast to the average of less than two in the past five years.
๐ค Dennis Kelleher, CEO of Better Markets, sees these figures as a reflection of challenges in newer finance sectors, not an improvement in traditional banking. Regulators are turning attention to combat fraud and criminality in the expanding crypto space.
๐ David Lewis, ex-FATF head, urges global standards to address oversight concerns in various jurisdictions, emphasizing the rise in risks. Kroll's AML chief advocates for preventive measures against criminal exploitation.
๐ Andrew Barber from Pinsent Masons predicts a rise in fines as governments implement new regulations, while Charles Kerrigan believes that despite tighter controls, fines might still occur to emphasize regulatory points in the $1.8 trillion crypto market.
