Friday, December 08, 2023 6:05:06 PM
Hundreds of billions of dollars worth of fines have been paid by the four biggest banks in the US as JPMorgan’s chief executive sounds off against digital assets, saying they are for criminals.
According to corporate misconduct data aggregator Violation Tracker, the big four banks of the US – Bank of America, Wells Fargo, Citigroup, and JPMorgan – have paid a staggering $181 billion worth of fines since the year 2000.
The data unveils that Bank of America has paid total of 324 fines worth $87.2 billion since the start of the millennium while Wells Fargo has been fined 261 times for a total of $27.5 billion.
Violation Tracker also reveals that Citigroup was found to be in violation 181 times, paying $26.9 billion worth of fines while JPMorgan has been hit with a total of 272 fines worth $39.3 billion.
The Violation Tracker covers a range of civil and criminal banking offenses including foreign bribery, money laundering, corporate tax evasion, securities violations, accounting fraud, price-fixing, employment discrimination and more.
The new numbers come as JPMorgan CEO Jamie Dimon tells Congress during a recent meeting that crypto assets are tools for bad actors that he would shut down if he could.
As stated by Dimon, per CNBC,
“I’ve always been deeply opposed to crypto. Bitcoin, etc. You pointed out the only true use case for it is criminals – drug traffickers, money laundering, tax avoidance, and that is a use case because it is somewhat anonymous, not fully, and because you can move money instantaneously.
And because it doesn’t go all these systems [that] have built up over many years – know your customer (KYC), sanctions, OFAC (Office of Foreign Asset Control) – they can bypass all of that. If I was the government, I’d close it down.”
Dimon did not provide evidence for his claims that crypto assets are widely used for criminal activity.
Last year, the crypto research firm Chainalysis determined that while 5% of the global gross domestic product is laundered every year in fiat currency, just 0.05% of all crypto transactions involve money laundering.
End Of Line.
Recent XRPUSD News
- XRP price could break out as open interest increases • Cointelegraph • 06/19/2024 03:39:12 PM
- Ripple (XRP) Range-Bound Struggle: Will It Break Free? • NEWSBTC • 06/19/2024 04:48:57 AM
- XRP Enters Triangle Formation: Analyst Predicts Rise To $200 Amid 300% Surge In Volume • NEWSBTC • 06/18/2024 09:00:45 PM
- Crypto market falls, Bitcoin ETF outflows, DJT token surges • IH Market News • 06/18/2024 08:58:22 PM
- XRP, Dogecoin, & Shiba Inu All See Negative Sentiment: Signal To Buy? • NEWSBTC • 06/18/2024 05:00:29 PM
- SEC Rejects Ripple’s $10,000,000 Settlement Proposal, Says the Figure Would Not Satisfy Civil Penalty Statutes • The Daily Hodl • 06/18/2024 04:55:50 PM
- XRP Set For Monumental Rally: Analyst Points To Extremely Rare Signal • NEWSBTC • 06/18/2024 09:00:05 AM
- ‘No clear catalyst’ as altcoin bloodbath sees top coins dip double digits • Cointelegraph • 06/18/2024 05:12:56 AM
- XRP Bulls Flex Muscles: Potential Uptrend in Play? • NEWSBTC • 06/18/2024 04:08:42 AM
- Crypto Analyst Predicts XRP Price Will Rally 102,590% To $500, But There’s A Catch • NEWSBTC • 06/17/2024 11:00:10 PM
- Terraform Labs to shut down after $4.5B SEC settlement: Law Decoded • Cointelegraph • 06/17/2024 07:05:00 PM
- Price analysis 6/17: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA • Cointelegraph • 06/17/2024 05:20:00 PM
- XRP Massive $5 Price Breakout Nears As SEC Slashes Ripple’s Proposed Penalty From $2 Billion To $103 Million • ZyCrypto • 06/17/2024 12:21:09 PM
- Mark Cuban Says Gary Gensler Could Cost Biden The Presidency Following SEC’s Anti-Crypto Stance • ZyCrypto • 06/17/2024 11:01:44 AM
- XRP Price Recovers Past 100 SMA: Bullish Indicators Ahead? • NEWSBTC • 06/17/2024 06:08:22 AM
- SEC shoots down Ripple’s argument for a lower penalty • Cointelegraph • 06/17/2024 01:37:57 AM
- Ripple Cites New Terraform Labs Settlement in a Bid To Convince the Court To Lower the SEC’s Civil Penalty • The Daily Hodl • 06/15/2024 04:55:08 PM
- XRP Whale Goes On Shopping Spree: 27 Million Coins Snapped Up As Price Dips • NEWSBTC • 06/15/2024 03:00:57 PM
- SEC slashes Ripple penalty to $102 million • Crypto Briefing • 06/15/2024 01:17:52 PM
- Crypto Analyst Lists The Cardano Developments That Will Drive ADA Price To $3 In 2024 • NEWSBTC • 06/15/2024 02:00:10 AM
- Crypto Biz: Riot Platforms and Bitfarms dispute escalates • Cointelegraph • 06/14/2024 08:30:00 PM
- Ethereum Withdrawals From Coinbase Top $1.2 Billion, What’s Going On? • NEWSBTC • 06/14/2024 08:00:12 PM
- Ripple CEO Brad Garlinghouse Says This Is What the Crypto Industry Needs To Focus on To Drive Mass Adoption • The Daily Hodl • 06/14/2024 06:05:35 PM
- Ripple rejects SEC’s $2 billion fine for ‘unreasonableness’ citing Terraform settlement • Crypto Briefing • 06/14/2024 05:01:29 PM
- Price analysis 6/14: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, SHIB, AVAX • Cointelegraph • 06/14/2024 04:20:16 PM
North Bay Resources Announces Composite Assays of 0.53 and 0.44 Troy Ounces per Ton Gold in Trenches B + C at Fran Gold, British Columbia • NBRI • Jun 18, 2024 9:18 AM
VAYK Assembling New Management Team for $64 Billion Domestic Market • VAYK • Jun 18, 2024 9:00 AM
Fifty 1 Labs, Inc Announces Acquisition of Drago Knives, LLC • CAFI • Jun 18, 2024 8:45 AM
Hydromer Announces Attainment of ISO 13485 Certification • HYDI • Jun 17, 2024 9:22 AM
ECGI Holdings Announces LOI to Acquire Pacific Saddlery to Capitalize on $12.72 Billion Market Potential • ECGI • Jun 13, 2024 9:50 AM
Fifty 1 Labs, Inc. Announces Major Strategic Advancements and Shareholder Updates • CAFI • Jun 13, 2024 8:45 AM