A whole bunch of billions of {dollars} value of fines have been paid by the 4 greatest banks within the US as JPMorgan’s chief govt sounds off towards digital belongings, saying they’re for criminals.
In accordance with company misconduct knowledge aggregator Violation Tracker, the large 4 banks of the US – Financial institution of America, Wells Fargo, Citigroup, and JPMorgan – have paid a staggering $181 billion value of fines because the yr 2000.
The info unveils that Financial institution of America has paid a complete of 324 fines value $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 found to be in violation 181 occasions, paying $26.9 billion value of fines whereas JPMorgan has been hit with a complete of 272 fines value $39.3 billion.
The information comes as JPMorgan CEO Jamie Dimon tells Congress throughout a latest assembly that crypto belongings are instruments for dangerous actors that he would shut down if he might.
As said by Dimon, per CNBC,
“I”ve at all times been deeply against crypto. Bitcoin, and so on. 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 possibly can transfer cash instantaneously.
And since it doesn’t go all these programs [that] have constructed up over a few years – know your buyer (KYC), sanctions, OFAC (Workplace of International 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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