News & Analysis as of September 9, 2025

Criminal Prosecution

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

DOJ Refines Illicit Finance Enforcement Approach for DeFi

Alston & Bird on 9/5/2025

Our White Collar, Government & Internal Investigations Group reviews several Department of Justice statements that together signal how it will enforce illicit finance risks in decentralized finance (DeFi), focusing on...more

The Tornado Cash Trial’s Mixed Verdict: Implications for Developer Liability

Mayer Brown on 8/15/2025

On August 6, 2025, following a four-week trial, a jury in the Southern District of New York delivered a mixed verdict in the criminal case against Tornado Cash co-founder Roman Storm. The jury convicted Storm of conspiring to...more

Is it Too Late to Correct Past FBARs and File Amended Returns with the IRS?

Allen Barron, Inc. on 11/20/2024

Is it too late to correct past FBARs and file amended returns with the IRS? The net is closing in on U.S. taxpayers with unreported or under-reported domestic and offshore income and assets. The IRS has increased audits in...more

Are you Thinking of Moving to Another Country - A Few Things to Consider

Allen Barron, Inc. on 5/31/2024

Are you thinking of moving to another country? Over the past decade, a record number of U.S. citizens have decided to live and work abroad. There are many issues you may not have considered that will impact any decision to...more

Criminal Case Round-Up: Recent Prosecutions Involving Financial Institution Officers

Ballard Spahr LLP on 2/5/2024

The Department of Justice (“DOJ”) has been very active in the Bank Secrecy Act (“BSA”) / Anti-Money Laundering (“AML”) space, as reflected by a recent series of individual prosecutions and corporate non-prosecution agreements...more

Lessons Learned from Binance’s Criminal Settlement (III of III)

The Volkov Law Group on 12/14/2023

Binance’s $4.3 billion fine is one of the largest penalties the DOJ has ever obtained from a corporate defendant. Furthermore, its founder and CEO Changpeng Zhao (“CZ”) was also personally subject to a fine, amounting to...more

DOJ Reaches Groundbreaking Criminal Settlement with Cryptocurrency Exchange Binance and CEO Changpeng Zhao (Part I of III)

The Volkov Law Group on 12/12/2023

On November 21, 2023, The U.S. Department of Justice (“DOJ”) announced settlement agreements with Binance Holdings Limited (“Binance”), the world’s largest cryptocurrency exchange, and Changpeng Zhao (affectionally known as...more

Understanding the DOJ’s Groundbreaking $4.3B Settlement with Foreign Cryptocurrency Exchange Binance.com

Troutman Pepper Locke on 12/1/2023

On November 21, the U.S. Department of Justice (DOJ) unsealed its criminal indictment against Binance.com (Binance), the world’s largest cryptocurrency exchange, and its CEO, Changpeng “CZ” Zhao (CZ). The indictment against...more

Bitzlato Founder Charged With Facilitating Money Laundering of More than $700 Million in Dark Web Funds

White & Case LLP on 2/7/2023

Anatoly Legkodymov, Russian founder of Hong Kong-registered cryptocurrency exchange Bitzlato Limited ("Bitzlato"), was arrested on January 17 based on an Amended Complaint filed by the Department of Justice ("DOJ") charging...more

Cryptocurrencies as Commodities Plays Out in BitMEX Criminal Prosecution Under the BSA

Ballard Spahr LLP on 3/7/2022

Questions of which, if any, regulatory regimes apply to the variety of participants in the cryptocurrency market continue to dog the industry. On February 28, 2022, whether a cryptocurrency futures trading platform...more

Cryptocurrency Exchange Founders Plead Guilty to Bank Secrecy Act Violations

Faegre Drinker Biddle & Reath LLP on 3/4/2022

On February 24, 2022, two of three founders of an off-shore cryptocurrency derivatives exchange, the Bitcoin Mercantile Exchange or “BitMEX,” pled guilty to violating the Bank Secrecy Act (BSA) by failing to maintain an...more

$3.6 Billion Reasons to Up Cryptocurrency Compliance: FBI Cracking Down on Crypto Criminals

BakerHostetler on 2/17/2022

Key Takeaways - ..Banks and cryptocurrency exchanges need to update their BSA programs to account for the unique aspects of cryptocurrencies, detect and report related suspicious activity, and minimize the risk of...more

Closer Scrutiny Expected of Corporate Conduct

Skadden, Arps, Slate, Meagher & Flom LLP on 4/30/2021

The Biden administration is widely expected to be tougher on corporate wrongdoing than its predecessor. Although there have not yet been significant changes to existing policies, key nominations to date and early enforcement...more

Investigations Newsletter: Former State Senator Indicted for Fraud, Money Laundering, and Tax Evasion

ArentFox Schiff on 2/8/2021

Former State Senator Indicted for Fraud, Money Laundering, and Tax Evasion - On February 3, a grand jury indicted Sam McCann, former Illinois State Senator and 2018 gubernatorial candidate, for his role in a scheme to misuse...more

Bridging the Week - May 2019 #2

Katten Muchin Rosenman LLP on 5/14/2019

Last week may not have been the best of times or the worst of times (to borrow from Charles Dickens), but it was undoubtedly a time that three United States financial services regulators issued important guidance on disparate...more

Cross-Border Investigations Update - November 2017

Skadden, Arps, Slate, Meagher & Flom LLP on 12/2/2017

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including new U.K. reporting obligations for sanctions violations,...more

The FinTech Revolution: Enforcement Actions Brought against FinTech Companies and Their Implications

Blank Rome LLP on 7/25/2017

This is the second installment in a series of articles. For an understanding of FinTech products and services and how they are disrupting the financial services industry. As law enforcement authorities and government...more

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