Hundreds of billions of dollars worth of fines have been paid by the four biggest banks in the US as JPMorgan’s chief executive sounds off against digital assets, saying they are for criminals.
According to corporate misconduct data aggregator Violation Tracker, the big four banks of the US – Bank of America, Wells Fargo, Citigroup, and JPMorgan – have paid a staggering $181 billion worth of fines since the year 2000.
The data unveils that Bank of America has paid a total of 324 fines worth $87.2 billion since the start of the millennium while Wells Fargo has been fined 261 times for a total of $27.5 billion.
Violation Tracker also reveals that Citigroup was found to be in violation 181 times, paying $26.9 billion worth of fines while JPMorgan has been hit with a total of 272 fines worth $39.3 billion.
The news comes as JPMorgan CEO Jamie Dimon tells Congress during a recent meeting that crypto assets are tools for bad actors that he would shut down if he could.
As stated by Dimon, per CNBC,
“I”ve always been deeply opposed to crypto. Bitcoin, etc. You pointed out the only true use case for it is criminals – drug traffickers, money laundering, tax avoidance, and that is a use case because it is somewhat anonymous, not fully, and because you can move money instantaneously.
And because it doesn’t go all these systems [that] have built up over many years – know your customer (KYC), sanctions, OFAC (Office of Foreign Asset Control) – they can bypass all of that. If I was the government, I’d close it down.”
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