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Bank Secrecy Act

Bank of Ameri
2026-10-14 02:53:56

Bank of America hit with about $1.21 billion in penalties over unreported suspicious transactions

The U.S. Treasury said on Oct. 13 that Bank of America faces more than $1.21 billion in combined penalties tied to anti-money laundering and sanctions compliance failures. The Financial Crimes Enforcement Network, or FinCEN, imposed a $1.2 billion penalty after finding the bank failed to timely report more than $5 billion in suspicious transactions, making it the Treasury Department’s third-largest penalty on record. In the settlement, the bank admitted it willfully violated the Bank Secrecy Act, including failures to maintain an adequate anti-money laundering program, conduct required due diligence on correspondent accounts for foreign financial institutions, and file suspicious activity reports. Treasury said more than $1 billion of the unreported suspicious transactions involved national security and other priority illicit finance risks, including suspected Chinese money laundering networks, fraud, and trade-based money laundering linked to the U.S. southwest border. On the same day, the Office of the Comptroller of the Currency imposed a record $750 million civil money penalty, while the Office of Foreign Assets Control reached an $11.6 million settlement over 475 apparent violations involving sanctions programs tied to Russia, Iran, and others. Bank of America told CNBC it expects to record a $1.2 billion non-deductible expense in third-quarter results, reducing earnings per share by about $0.17.

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Bank of America hit with about $1.21 billion in penalties over unreported suspicious transactions
Binance
2026-09-01 00:15:27

CZ says taking responsibility for Binance’s $4.3 billion penalty was worth it

Binance founder Changpeng Zhao, better known as CZ, said most of the first draft of his 374-page autobiography, titled Binance Life, was written while he was in prison. He said computer access was limited to 15-minute sessions, with no copy-and-paste function, forcing him to wait in line for a device and write in short bursts. CZ also revisited Binance’s November 2023 settlement over violations of the U.S. Bank Secrecy Act. Binance paid $4.3 billion, while Zhao himself was fined $150 million and stepped down as CEO. He said that if he had not taken on that responsibility, Binance and the broader crypto industry could have faced a bigger impact, and described the choice as worth it. He added that the hardest part of his time in custody was the uncertainty. According to Zhao, both the fine amount and prison term changed during the process, and U.S. Immigration and Customs Enforcement issued detention orders three times. He said the experience showed him that freedom is not absolute, while strengthening his belief in what he called “financial freedom.”

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CZ says taking responsibility for Binance’s $4.3 billion penalty was worth it
Policy Regula
2026-08-23 05:34:49

BPI urges FinCEN to extend KYC rules to secondary stablecoin markets

The Bank Policy Institute, a banking industry group representing major U.S. lenders including JPMorgan, Bank of America, Wells Fargo, and Citi, has proposed that the Financial Crimes Enforcement Network extend customer identification program requirements to the secondary market for stablecoins. The proposal would apply to exchanges and other platforms that maintain direct account relationships with retail users. According to BPI, a large share of buying and selling activity in the payment stablecoin ecosystem takes place on those venues, and most illicit activity tied to stablecoins occurs there as well. If adopted, the change would require covered platforms to collect customer information under the Bank Secrecy Act. The group’s proposal also suggests that decentralized exchanges could fall within the scope of oversight. FinCEN’s proposed rule says secondary-market stablecoin transactions on blockchains often involve anonymous or pseudonymous identities and lack a centralized point for gathering identity data, limiting issuers’ ability to collect customer information from secondary-market users. BPI has also previously opposed the current version of the Digital Asset Market Clarity Act alongside other banking groups.

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BPI urges FinCEN to extend KYC rules to secondary stablecoin markets
Policy Regula
2026-08-23 05:33:40

Bank group representing major U.S. lenders urges FinCEN to extend identity checks to stablecoin secondary markets

Bank Policy Institute, a banking group representing major U.S. lenders including JPMorgan, Bank of America, Wells Fargo and Citi, has proposed that the Financial Crimes Enforcement Network expand customer identification program requirements to the secondary market for stablecoins. The proposal would apply to exchanges and other platforms that maintain direct account relationships with retail users. BPI argued that a large share of buying and selling activity in the payment stablecoin ecosystem takes place on those venues, and that most illicit activity tied to stablecoins occurs there as well. If FinCEN adopts the recommendation in its rulemaking, affected platforms would be required to collect customer information under the Bank Secrecy Act. Decentralized exchanges could also fall within the regulatory perimeter. FinCEN’s proposed rule says secondary-market stablecoin transactions on blockchains are commonly conducted through anonymous or pseudonymous identities and lack a centralized point for collecting user information. It also noted that issuers have limited ability to gather data on customers in the secondary market. BPI has previously joined other banking organizations in opposing the current version of the Digital Asset Market Clarity Act, according to Bitcoin.com News.

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Bank group representing major U.S. lenders urges FinCEN to extend identity checks to stablecoin secondary markets
BitMEX
2026-07-23 13:20:12

CZ says BitMEX could not survive the Biden-era "War on Crypto"

Changpeng Zhao, widely known as CZ, said he was saddened by BitMEX’s shutdown and used the moment to look back at the exchange’s place in crypto market history. He said BitMEX was the first platform to introduce 100x leveraged perpetual contracts in 2014, a product he said helped push the industry forward. Zhao also pointed to several early design choices at the exchange, including BTC-only deposits, a single-chain setup, and once-daily withdrawals processed through a multisignature wallet system. While those features appeared inconvenient, he said they helped BitMEX avoid hacker attacks for a long period. Zhao also noted that the exchange’s four co-founders admitted to violating the Bank Secrecy Act one month before trial, with each receiving a $10 million fine and home detention, though none went to prison. In Zhao’s view, BitMEX’s business ultimately failed to outlast what he called the Biden administration’s "War on Crypto." He added that BitMEX is now winding down in an orderly way, users can still withdraw assets, and he expressed respect for co-founder Arthur Hayes.

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CZ says BitMEX could not survive the Biden-era "War on Crypto"
Changpeng Zha
2026-07-23 13:13:06

CZ credits BitMEX for early 100x leverage launch and security-focused operating rules

Binance founder Changpeng Zhao said in a post that BitMEX was the first crypto platform to introduce 100x leveraged futures trading back in 2014, pointing to the exchange’s early product design and strict operating setup. Zhao said BitMEX ran for years with a narrow structure: it accepted only Bitcoin deposits, operated on a single chain, limited withdrawals to once per day, and used multi-signature wallets to manage funds. He said those restrictions helped the exchange avoid hacker attacks. Zhao also referred to the legal case involving BitMEX’s four founders. According to his post, they had previously been accused of violating the Bank Secrecy Act and pleaded guilty one month before trial. He said each founder was fined $10 million and placed under house arrest, while none received a prison sentence. Zhao added that the company’s business ultimately did not continue under what he described as regulatory pressure.

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CZ credits BitMEX for early 100x leverage launch and security-focused operating rules