The DOJ said that Maximilien de Hoop Cartier was sentenced in New York to eight years in prison for operating an unlicensed crypto exchange that helped launder more than $470 million. He pleaded guilty on Oct. 23, 2025, to operating an unlicensed money transmitting business and conspiracy to commit bank fraud.
The case centers on a network of U.S.-based shell companies and crypto accounts used to convert cryptocurrency into hard currency and move criminal proceeds through the U.S. financial system to Colombia and other destinations. Prosecutors said Cartier opened more than a dozen U.S. bank accounts, misrepresented the businesses as software companies, and used forged contracts and invoices to make illicit funds appear legitimate.
The next point to watch is enforcement around crypto OTC desks and unregistered money transmitters. In addition to prison time, Cartier was ordered to forfeit $2.36 million, representing commissions he kept from converting cryptocurrency to cash, along with certain shell-company bank accounts.
Source: U.S. Department of Justice.
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