US Authorities Shut Down Payza in $250M Money Laundering Case

Over six years, Payza sought to ‎create a convenient way for criminals to make ‎‎financial transactions, officials say .

The US Department of Justice (DOJ) has charged popular online payment processor Payza.com with laundering over $250 million connected to criminal ‎‎activities ranging from Ponzi schemes to child pornography, federal ‎‎prosecutors in Washington said on Tuesday.‏
The charges against Payza co-founders Firoz Patel, 43, and Ferhan Patel, 37, were already filed in November 2016, but only made public this week. The Canadian brothers stand accused of operating the cryptocurrency-friendly platform beyond the ‎‎regulatory confines of the United States, in what prosecutors called a shadowy ‎‎netherworld of cyberfinance. ‎