In 2023, the cryptocurrency industry paid more fines than traditional finance

According to the Financial Times, the crypto sector paid $5.8 billion in fines in 2023, compared to $835 million for traditional finance.

2023 will remain a pivotal year in cryptocurrency history… especially when it comes to financial sanctions. This sector actually receives more fines than so-called traditional finance. According to an investigation by Financial Times, after accounting for crypto companies and all those associated with digital payments, we reached a record level of $5.8 billion in fines in 2023, compared to $835 million for traditional finance… a 10-year record low.

We are talking here about the sanctions imposed for non-compliance with anti-money laundering standards, non-monitoring of accounts and various types of violations of transparency and anti-crime laws. In particular, the fine that counts a lot in this balance sheet is the $4.3 billion fine imposed by US courts on the cryptocurrency giant Binance for non-compliance.

In addition to this announcement, the FT talks about a paradigm shift. If the fines imposed on traditional finance are undoubtedly for nothing, experts note that the courts seem to have decided to favor the sweep of the crypto sector in several countries, especially in the United States. The result of all this is the gradual setting of new rules for the crypto sector, which could result in a very sharp reduction in fines in the coming years. In short, a blessing in disguise.

Antoine Larigaudrie edited PA

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