Reginald Fowler, who sits at the center of a banking fraud case brought by the US government, is seeking to forego his right to trial.
Fowler stands accused of engaging in „shadow banking” for cryptocurrency exchanges through his business Crypto Capital. The government alleges Fowler ran Crypto Capital with his partner Ravid Yosef as an unlicensed money transmitting business that misrepresented its crypto dealings to its banking clients. Additionally, „shadow banking” transactions like these can be a means of circumventing anti-money laundering rules.
Fowler is said to have opened accounts with banks under false pretenses to store funds for exchanges. Crypto Capital did business with major exchanges like Binance, Kraken and BitMEX. This came to a head when Fowler and Crypto Capital purportedly failed to return $850 million to Bitfinex.
Fowler initially pleaded not guilty to the charges of bank fraud, conspiracy to commit bank fraud, operating an unlicensed money transmission busines
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