ByteFederal Australia

6 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

6 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

7 months ago

In a case that could help shape the future of decentralized finance (DeFi), Uniswap Labs, the developers behind the largest decentralized exchange, recently faced enforcement action from the U.S. Commodity Futures Trading Commission (CFTC). The CFTC accused Uniswap Labs of facilitating illicit trading activities and failing to implement sufficient Know Your Customer (KYC) procedures, as required under the Commodity Exchange Act. The charges brought by the CFTC represented a significant regulatory challenge to the DeFi ecosystem, which has long operated under the premise of decentralization, autonomy, and financial freedom. In a recent turn of events, Uniswap Labs agreed to settle