Crypto firms paid $5.8b in fines in 2023, more than entire traditional finance system
According to data, crypto and digital payments companies paid nearly $6 billion in fines in 2023 for shortcomings in customer checks and anti-money laundering controls violations. Crypto and fintech groups faced fines exceeding those of the entire traditional financial system in 2023, the Financial Times reports, citing data compiled by software provider Fenergo. Data revealed that the crypto industry paid a staggering $5.8 billion in fines last year, due to security shortcomings, anti-money laundering controls, and failures to uphold sanctions to address financial crime issues. The majority of the sum included a $4.3 billion penalty imposed on Binance, described by U.S. prosecutors as “one of the largest corporate penalties in U.S. history.” As noted by the report, the figure far surpassed the $835 million paid by traditional financial services groups, marking the lowest level in a decade. Fines for money laundering and other financial crime violations | Sourc...