Paxful Co-Founder Faces Prison For Failing to Implement AML Protocols

Quick Summary:

Artur Schaback, co-founder and former CTO of Paxful, faces up to five years in prison after admitting to failing to implement essential Anti-Money Laundering (AML) protocols at the cryptocurrency exchange.

The US Justice Department revealed that Schaback’s sentencing is set for November 4, following his guilty plea on July 8.

Schaback and his partner permitted trading on the platform without adequate user verification and falsely advertised Paxful as not requiring KYC.

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Article Details

Author / Journalist: Sofiya

Category: Crypto

Markets: India

Topics: Failing Latest News AML Protocols News Prison Paxful Co-Founder Artur Schaback Implement

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-10 @ 11:52:18 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: bitcoinworld.co.in

Language: English

Article Length: 176 words

Reading Time: 1 minutes read

Sentences: 14 lines

Sentence Length: 13 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BitcoinWorld

News ID: 21565411

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About BitcoinWorld

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Official Website: bitcoinworld.co.in

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News Last Updated: 13 hours ago

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