‘Shadow banking’ duo charged for laundering millions of dollars for cryptocurrency exchanges

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‘Shadow banking’ duo charged for laundering millions of dollars for cryptocurrency exchanges
By Matthew Beedham


The US Attorney for the Southern District of New York has charged two people in connection with running an unlicensed money transfer business used to make deposits for cryptocurrency exchanges. Reginald Fowler and Ravid Yosef allegedly ran a shadow banking service that “processed hundreds of millions of dollars of unregulated transactions on behalf of cryptocurrency exchanges,” US Attorney Geoffrey Berman said in the announcement. Exactly how much they processed has not been disclosed. According to court documents, Fowler and Yosef’s business, called Crypto Companies, reportedly misled banks, claiming it was using the accounts for real estate investments. The company was…

This story continues at The Next Web


May 1, 2019 at 04:13PM
via The Next Web http://bit.ly/2DFAdYs

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