According to a statement from the US Department of Justice, Maximilien de Hoop Cartier, a French Argentine citizen, has been sentenced to eight years in prison for operating an unlicensed cryptocurrency exchange and laundering over $470 million through shell companies and encrypted accounts. Cartier has been operating an over-the-counter cryptocurrency exchange since 2018, using the US shell company network to falsely report the nature of its business to banks, converting cryptocurrencies into hard currency and transferring them to criminal organizations in countries such as Colombia. He admitted to operating an unlicensed remittance business and providing false information to the bank. After his account was banned in 2021, he provided forged records to federal agents, and some of the seized funds were returned as a result.
