Alerts Sign-up
Allan Endresz, the founder of digital currency Zucoins, has voiced his criticism against a former U.S. Securities and Exchange Commission (SEC) regulator's statements on platform X. The regulator had implied that the compliance violations admitted to by crypto exchange Binance and its ex-CEO were unique to the cryptocurrency industry. In retort, Endresz highlighted that traditional banks have often been used as conduits for illicit activities such as money laundering.
SEC’s Gary Gensler ditches favourite crypto broadside
Will Dogecoin hit $1 in June? What the forecasts tell us
Author: U.S. citizen detained in Nigeria is being 'denied proper medical treatment for malaria'
France: Lugh announces the end of its stablecoin EURL – Why?
Europe: Bitpanda announces major partnership with Deutsche Bank
What are the 5 cryptocurrencies that performed best in May 2024?
Binance to restrict 'unauthorized' stablecoins in EU starting June 30, urges users to switch to regulated tokens
Ethereum ETF: 3 reasons for future failure for JPMorgan
SpacePay Brings Crypto To Traditional Commerce Using Revolutionary Payment Software – Next Big Altcoin of 2024?
Crypto: The impact of the European elections on regulation
“We must change this peremptory tone”: Bruno Le Maire tackled by the Finance Commission on the public deficit
Bitcoin and gold: A growing correlation to closely monitor
Franklin Templeton files amended S-1 for spot Ethereum ETF, lists 0.19% fee
Breaking: DMM Bitcoin Loses 4,502.9 BTC in $305 Million Crypto Hack
A crypto developed thanks to ChatGPT has gained more than 2,000%
DeFi Data Firm API3 Raises $4M in Funding Round Led by DWF Labs
SEC condemned for abuse of power
The U.S. Response to Binance Exec Tigran Gambaryan's Detention Is Shameful
Binance France drops CZ and names two new shareholders to preserve European foothold
Jailed Binance exec in Nigeria is struck by malaria amid anguished pleas from his lawyers and family
SOL, XRP Could Be Possible Candidates for ETFs, Standard Chartered Says
The Paris stock exchange falls as the Fed delays cutting its rates
DOGE: Kabosu, the dog behind the memecoin Dogecoin, died at the age of 17
Ethereum spot ETF (ETH): SEC approves plans from NYSE, CBOE and Nasdaq
Binance exec collapses in Nigerian court as health worsens in prison
WisdomTree may launch its Bitcoin and Ethereum ETPs on the London Stock Exchange
Crypto top & flop: the market pauses except for these three altcoins!
Binance assists Taiwan authorities with money-laundering scheme
A TV host becomes CEO of this crypto platform
Farcaster raises $150M for its social network built on Ethereum
After US government settlement with Binance, critic ‘confused’ by former regulator’s blind spot for violations perpetrated by big banks
Zucoins Founder Allan Endresz (left) and former SEC official John Reed Stark | zucoins.com, Platform X/JohnReedStark
Get the Newsletter
Sign-up to receive weekly round up of news from Crypto Republique
Endresz expressed his confusion in a series of statements: "I’m a bit confused. Is your post about Binance or a historical account of HSBC and JP Morgan? Sorry. It must be about Binance, as no banking officers ever went to jail for their crimes over the last 50 years."
On November 21, Binance reached an agreement with the U.S. government, consenting to pay $4.3 billion in penalties to resolve past compliance issues, according to an official press release. As part of this resolution, Changpeng Zhao (CZ), the company’s CEO, agreed to resign from his position and pleaded guilty to failing to maintain an effective anti-money laundering (AML) program - a violation of the Bank Secrecy Act.
John Reed Stark, former chief of the SEC Office of Internet Enforcement, opined on X that by emphasizing that neither Binance nor CZ misused any customer funds, the crypto industry is attempting to downplay the severity of these violations. Stark stated that by not maintaining adequate AML safeguards, Binance "facilitated and enabled" activities such as terror financing and scams.
In 2012, it was announced by the U.S. Department of Justice that HSBC had agreed to forfeit $1.256 billion and pay an additional $665 million in penalties for not maintaining adequate AML protections. This negligence led to Mexican drug cartels using HSBC to launder their money, according to a press release. "HSBC’s blatant failure to implement proper anti-money laundering controls facilitated the laundering of at least $881 million in drug proceeds through the U.S. financial system," stated Loretta Lynch, U.S. attorney for the Eastern District of New York, at that time.
JPMorgan Chase recently agreed to pay a $290 million class-action settlement to Jeffrey Epstein accusers after facing allegations that the bank ignored Epstein’s involvement in sex trafficking, as reported by Reuters.
In a blog post dated November 21 about its settlement, Binance acknowledged the company’s responsibility for historical compliance violations and expressed its intention to move forward from this "challenging" chapter.
Endresz is not only the founder of Zucoins but also has over 30 years of experience in the finance and technology industries. Zucoins is the native token on the SplitChain network, as per information available on the company's website.
Organizations Included in this History
More News
The German Federal Financial Supervisory Authority (BaFin) has issued a warning regarding Timebtc Group, which is offering financial, investment, and cryptocurrency services without the necessary authorization.
The Comisión Nacional del Mercado de Valores (CNMV) announced it had issued warnings about unregistered financial and crypto entities operating without proper authorization.
The Autorité des Marchés Financiers (AMF) has announced its adherence to the European Banking Authority's (EBA) guidelines on restrictive measures for crypto-asset service providers, aimed at combating money laundering and terrorism financing.
HM Treasury announced the 2023–24 Supervision Report on anti-money laundering (AML) and counter-terrorist financing (CTF), highlighting the Financial Conduct Authority's (FCA) oversight of UK crypto firms since 2020.
Member of the European Parliament (MEP) Stefan Berger has urged the Trump administration to align its policies with Europe's Markets in Crypto-Assets (MiCA) standards.
Marina Markezic, director and co-founder of the European Crypto Initiative (EUCI), has described the call by the European Stability Mechanism (ESM) Managing Director to revise the Markets in Crypto-Assets (MiCA) regulation as "premature."
