Artur Schaback, the co-founder and former chief technology officer of Paxful, pleaded guilty to conspiracy to willfully fail to establish, develop, implement, and maintain an effective anti-money laundering program required by the Bank Secrecy Act. According to the Justice Department, from July 2015 through June 2019 he allowed users to trade on Paxful without sufficient know-your-customer checks, marketed the platform as not requiring KYC, presented AML policies he knew were not actually implemented, and failed to file suspicious activity reports despite signs of criminal activity on the platform.

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