- Mt Gox online payment service has been suspected of being involved with Mayzus Financial Services (MFS)
- Back in November 2019, Alexander Vinnik was arrested for operating the illegal BTC-e site
- US Department of Justice considers BTC-e as the principal medium that is widely used by the criminals around the globe to conduct illicit activities
The entity which was accused of serving the clients who were purportedly involved in the hacked bitcoin money-laundering scandal of the cryptocurrency exchange, Mt Gox. This only payment company has received the highest number of Suspicious Activity Reports (SARs) in about 2000 Financial Crimes Enforcement Network (FinCEN) documents that were leaked.
Mayzus Financial Services Involvement with BTC-e
This online payment service has been suspected of being involved with Mayzus Financial Services (MFS). Apparently, MFS had an account in BTC-e for corporate purposes and it has been presumed that this fiat gateway was somehow responsible for converting the hacked Bitcoins into the US dollars. BTC-e is a shady crypto-currency brokerage that has a user base of tens of thousands of customers. On the other hand, Mayzus Financial Services is a much-reputed payments service provider within London and is licenced from the Financial Conduct Authority. However, the company was involved in exploiting the services of the UK shell companies and secret bank accounts to produce a money-laundering machine.
BTC-e Principal Medium Used by the Cyber Criminals
Back in November 2019, Alexander Vinnik was arrested for operating the illegal BTC-e site. The US Department of Justice considers BTC-e as the principal medium that is widely used by criminals around the globe to conduct illicit activities. However, back in 2017 BTC-e denied all such allegations of wrongdoings and money laundering. However, journalists from Buzzfeed and the International Consortium of Investigative claim that some of the entities in the have been flagged many times in the FinCEN Files. Mayzus Service, however, set the record of being reported of 36 SARs. A former FBI special agent, Michael German said that the SAR program has become more for the masses rather than identifying money laundering sources.
Banking Institutions Still Continue to House Such Criminal Funds
Despite all the cases of money laundering and cyber crimes, banking institutions like JPMorgan Chase, HSBC, Standard Chartered, Deutsche Bank, and Bank of New York Mellon have not stopped transferring money of the presumed criminals. For BTC-e there were no compliant anti money laundering policies and institutions like Mayzus continued serving them. However, the owner of the shady site, BTC-e is expected to undergo trials in France where the link between Mayzus and BTC-e may bhi thoroughly investigated.