Credit: Siarhei/stock.adobe.com AML Enforcement in 2023: No 'Grey Zones' for Cryptocurrency Providers
A curated roundup of significant federal and state enforcement actions against cryptocurrency companies in the past several years.
January 04, 2024 at 10:00 AM
12 minute read
In November 2023, the world's largest cryptocurrency exchange, Binance, agreed to pay $4.3 billion, the largest penalty in U.S. Treasury and FinCEN history, to resolve DOJ, CFTC, FinCEN and OFAC investigations into allegations that it operated as an unregistered money transmitter and willfully violated anti-money laundering ("AML") and sanctions laws. "Binance and CEO Plead Guilty to Federal Charges in $4B Resolution," U.S. Justice Department (Nov. 21, 2023).
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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