US to give 7 years in prison for first time for 'shady crypto-banking'

A Manhattan district court prosecutor is recommending a seven-year prison sentence for former businessman Reginald Fowleret, who was involved in a shady crypto-banking scheme.

The investigation revealed that his activities enabled illegal transactions worth more than $400 million.

The companies in question were Global Trading Solutions and Crypto Capital. The companies allowed cryptocurrency exchanges to exchange their digital currencies for cash. The transactions also involved money belonging to a Colombian drug cartel.