A whole lot of billions of {dollars} price of fines have been paid by the 4 greatest banks within the US as JPMorgan’s chief government sounds off in opposition to digital belongings, saying they’re for criminals.
In keeping with company misconduct knowledge aggregator Violation Tracker, the massive 4 banks of the US – Financial institution of America, Wells Fargo, Citigroup, and JPMorgan – have paid a staggering $181 billion price of fines because the 12 months 2000.
The info unveils that Financial institution of America has paid a complete of 324 fines price $87.2 billion because the begin of the millennium whereas Wells Fargo has been fined 261 occasions for a complete of $27.5 billion.
Violation Tracker additionally reveals that Citigroup was discovered to be in violation 181 occasions, paying $26.9 billion price of fines whereas JPMorgan has been hit with a complete of 272 fines price $39.3 billion.
The information comes as JPMorgan CEO Jamie Dimon tells Congress throughout a current assembly that crypto belongings are instruments for unhealthy actors that he would shut down if he might.
As acknowledged by Dimon, per CNBC,
“I”ve at all times been deeply against crypto. Bitcoin, and so forth. You identified the one true use case for it’s criminals – drug traffickers, cash laundering, tax avoidance, and that could be a use case as a result of it’s considerably nameless, not totally, and since you’ll be able to transfer cash instantaneously.
And since it doesn’t go all these techniques [that] have constructed up over a few years – know your buyer (KYC), sanctions, OFAC (Workplace of Overseas Asset Management) – they will bypass all of that. If I used to be the federal government, I’d shut it down.”
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