Paxful Founder Faces Prison Time for Lack of Anti-Money Laundering Controls

IconCryptoNewsTerminal Staff08 Jul, 2024

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Paxful Founder Faces Prison Time for Lack of Anti-Money Laundering Controls

Paxful co-founder Artur Schaback has pleaded guilty to knowingly failing to implement and maintain an effective anti-money laundering program at the cryptocurrency exchange. This is a serious offense that can facilitate criminal activities like terrorism and drug trafficking. As a result, Schaback has agreed to pay a $5 million fine and faces up to five years in prison when he is sentenced on November 4. Stay tuned for more updates on this developing story.