In 2023, the penalties in the cryptocurrency/digital payment sector reached $5.8 billion, surpassing those in the traditional financial sector for the first time

ChainCatcher news, according to the Financial Times, cryptocurrency and digital payment companies paid $5.8 billion in fines last year (2023) due to deficiencies in customer checks and anti-money laundering controls, as well as failures to comply with sanctions and other financial crime issues. This includes the $4.3 billion fine imposed by U.S. prosecutors on the cryptocurrency exchange Binance. The total amount of fines for the cryptocurrency sector exceeded that of the entire traditional financial system for the first time, as the traditional financial sector only paid $835 million in fines last year.