October 25, 2019

Crypto Capital’s dark past

Crypto Capital worked with organizations associated with financial crime, money laundering and securities fraud

Crypto Capital is slowly developing into the central bank of the crypto industry. It facilitated banking services from one end of the industry's leading crypto shops and exchanges including Binance, Kraken and BitMEX to the other, including the now non-existent QuadrigaCX and a number of smaller companies involved in money laundering and fraud. And, according to the New York Attorney General, it still serves the Bitfinex crypto exchange, where it managed more than $1 billion of the exchange's customer and customer funds until the end of 2018.

Two people allegedly associated with Crypto Capital were charged with money laundering on Tuesday. The Feds claim that the couple operated a crypto banking system in which Global Trading Solutions LLC was involved - a company identified as one of the shell companies owned by Crypto Capital and used by Bitfinex. The system allegedly included the operation of a "shadow bank that processed hundreds of millions of dollars of unregulated transactions on behalf of numerous crypto currency exchanges".

This unregulated Panamanian company has been providing unlicensed banking services to crypto companies around the world for years, the indictment alleges.

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