ByteFederal Australia

5 months ago

In what marks the largest penalty of its kind in U.S. history, TD Bank has been slapped with a staggering $3 billion fine for enabling drug cartel money laundering—a sum that barely dents the bank’s massive profits from the scheme. According to the U.S. Department of Justice (DOJ), TD Bank pocketed $10 billion from laundering drug money, meaning even after the historic fine, the bank still walks away with a net profit of $7 billion. The bank’s role in facilitating the movement of illicit funds raises serious questions about the effectiveness of current regulations—and who is truly held accountable when

5 months ago

Mark Paolillo is a founding partner and the CRO and CCO at Byte Federal. Mark recently spoke at the MTRA (Money Transmitter Regulators Association) 2024 Annual Conference. Below is a transcript of his speech in full. Good morning everyone, my name is Mark Paolillo. I have worked in the public sector as a certified Public Accountant for 30 years. Today, I leverage my experience towards a new passion as the Chief Financial Officer and Chief Compliance Officer of Byte Federal. We are a Bitcoin kiosk operator. We have about 50 employees and perform the majority of our operations in-house. We are Bitcoin

6 months ago

Former President Donald Trump’s embrace of the bitcoin and crypto industries has officially spanned to the world of decentralized finance (DeFi). On Monday, he took to X (formerly Twitter) for a Spaces event, announcing World Liberty Financial (WLF)—a new crypto banking platform that promises to reshape borrowing, lending, and investing in the digital economy. A New Financial Frontier World Liberty Financial, as outlined during the two-hour event, aims to empower everyday users by offering a platform where people can borrow, lend, and invest in crypto assets. Trump was candid in his remarks, admitting that while he was “not overly interested”