Wall Street Bank to Fine Over $1 Billion for Using Crypto Apps Like WhatsApp

Wall Street’s biggest banks, including Bank of America, Barclays, Deutsche Bank, Morgan Stanley and Goldman Sachs, are nearing a deal to pay up to $200 million each in fines and admit their employees violated regulatory requirements by using encrypted messaging apps such as WhatsApp. The total fine could exceed $1 billion, and the settlement will be announced by the end of September. The U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) plan to announce the agreement with the banks on Sept. 30, the end of the government’s fiscal year. This will include those penalties in the government’s annual enforcement statistics.

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