In 2023, the cryptocurrency industry and fintech companies incurred significant financial losses, paying fines totaling approximately $6 billion. These fines were primarily imposed for inadequate control over money laundering processes and violations in customer verification procedures (KYC). According to the Financial Times report, this amount exceeds the fines imposed on the entire traditional financial system.

Last year, the cryptocurrency industry paid the government $5.8 billion, while the traditional financial system paid only $835 million for violations. One of the largest fines was imposed on the cryptocurrency exchange Binance, which in November resolved its dispute with U.S. regulators by paying $4.3 billion.

Dennis Kelleher, the Executive Director of Better Markets, noted that such figures demonstrate unethical practices among participants in the new areas of financial activity. He advocates for stricter regulation of the crypto market.

The total amount of fines for money laundering and financial crimes in 2023 increased by more than 30%, reaching $6.6 billion. Last year, the number of fines against crypto companies significantly increased, and it is expected that their number will continue to rise due to new regulatory regimes in the future.

However, Charles Kerrigan, an expert in digital assets, believes that the number of fines may decrease as digital assets are now regulated more strictly than in their early stages of development. In 2023, the cryptocurrency industry also spent approximately $18.5 million on lobbying for its interests.