👨⚖️ Two charged with running ‘shadow banking’ service for crypto exchanger
The U.S. Department of Justice has charged two men, Reginald Fower of Arizona and Ravid Yosef of Israel, with running a shadow banking service that sidestepped anti-money laundering regulations on behalf of numerous big name cypto exchanges like Bitfinex. The case, overseen by the U.S. Attorney's Office of the Southern District of New York, alleges that the men deposited hundreds of millions of dollars in FDIC insured bank accounts, acting as a banking service without authorization. The FBI and IRS were active participants in the investigation.
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