Hundreds of billions of dollars worth of fines have been paid by the four biggest banks in the US as JPMorgans 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 news comes 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,
Ive 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.
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
This article was originally reported on The Daily Hodl.