Paxful co-founder pleads guilty to failing to implement anti-money laundering program, faces up to five years in prison

Paxful co-founder and former technical CEO Artur Schaback pleaded guilty on Monday to failing to maintain an effective anti-money laundering (AML) program at the cryptocurrency exchange, and faces up to five years in prison. On July 8, the U.S. Department of Justice said Schaback is scheduled to be sentenced on November 4 and will resign from the Paxful board of directors. A plea agreement filed in a California district court on the same day showed that government prosecutors agreed to fine Schaback $5 million, which he will repay in three installments, $1 million on the date of his guilty plea, $3 million on the date of sentencing, and the final $1 million over the next two years. (Cointelegraph)