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.
CEO of AUSTRAC on non-AML compliant crypto exchanges: They 'can expect to hear from us'
Memecoin LIBRA in Argentina: A look back at a future state scandal? Crypto Dossier
U.S.-Listed Bitcoin Miners Are Growing Their Share of the Network Hashrate: Bernstein
Blockchain Wars: BNB Chain Overtakes Solana and Ethereum in Daily Fees
Former prosecutor of DOJ: The corporate monitorship system is 'in dire need of reform'
CEO of Crypto Council for Innovation: 'SEC initiated more than 125 enforcement actions' but issued 'no clear guidance or rulemakings'
District Judge on Coinbase lawsuit: Coinbase 'sells digital assets qualifying as "securities" without registering with' SEC
Bitcoin: Michael Saylor and Strategy add 7,633 BTC to their treasury
USDC hits $56.3B market cap, regains losses from bear market
U.K. Man Wants to Buy Landfill Site in Search for Lost $784M of Bitcoin: Report
European Central Bank (ECB) hopes Trump's pro-crypto policy will accelerate digital euro
Chairman of Czech Cryptocurrency Association on new crypto laws: ‘Key part of the future of the Czech economy’
U.S. Regulator Pursuing Tokenization Pilot to Tap Stablecoins as Collateral
BaFin announces warning on unlicensed services by CoinCapitals and EasyInvestingPro
Attorney on Operation Choke Point 2.0: 'The government should fix what it has broken'
French crypto entrepreneur on Binance France investigation: 'timing is perfect' to 'secure full cooperation' with crypto tax
Alchemy Pay acquires Korea Electronic Financial Business registration
Bitcoin: El Salvador continues to accumulate BTC
Blackrock Plans to Launch a Bitcoin ETP in Europe: Bloomberg
French crypto entrepreneur on Binance France investigation: 'two days after the Senate vote on unrealized capital gains'
Bitcoin retail sellers send $625M to Binance before 'first cycle top'
Crypto entrepreneur on France's Bitcoin tax: France is 'going down'
ECB cuts rates, does not expect strategic Bitcoin reserves in EU
YZi Labs (formerly Binance Labs) brings $16 million to Sign’s airdrop distribution services
CIF: Congress must act on permanent safeguards against debanking, Chokepoint 2.0
US Crypto Reserve – Bitcoin or XRP: BRICS Has the Power to Affect the US
Tether disappointed with ‘rushed actions’ on MiCA-driven USDT delisting in Europe
Binance Labs rebrands to YZi Labs with new leadership and investment focus
Crypto influencer: Bitcoin's 'design ensures that no single person or entity can control it'
Bitcoin: Crypto market catches its breath after DeepSeek shock
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
Brian Armstrong, CEO of Coinbase, said that broader cryptocurrency use will emerge from seamless products where users benefit without engaging with the underlying systems.
Michael Saylor, co-founder of Strategy Inc., announced that the company has expanded its bitcoin holdings and reported a 25.9% year-to-date yield for 2025.
Lark Davis, founder of Wealth Mastery, advised traders to avoid leverage and risky "revenge trading" amid widespread liquidations and emphasized the importance of protecting capital.
Kent Lin, Co-founder of Optimum, said that Bitcoin's market capitalization is approximately 7% of gold's, suggesting that the rally in gold expands potential upside for Bitcoin.
Anna Milne, founding director of research for the CAFE Association, said that membership focuses on industry leadership that combines innovation with consumer protection, rather than merely adhering to baseline compliance.
Edward "Coach" Weinhaus, the Founding Executive Director of the CAFE Association, emphasized that fraud is a shared problem and detailed the organization's plan to educate consumers and support responsible companies.
Trending
