CZ Criticizes Lack Of Charges In Bank Of America Case

Changpeng Zhao strongly reacted to the sanction of over $1.21 billion imposed on Bank of America for its failures in anti-money laundering efforts. The founder of Binance mainly points out the lack of criminal prosecutions against the bank’s executives, while he himself had spent four months in prison for an offense related to his platform’s compliance system. The U.S. Treasury Department announced on October 13 a series of measures against Bank of America . Authorities blame the second largest bank in the United States for failing to detect, review, and report on time over $5 billion in suspicious transactions. The Financial Crimes Enforcement Network, or FinCEN, set a penalty of $1.2 billion . The Office of the Comptroller of the Currency simultaneously imposed a record fine of $750 million.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Cointribune.