[U.S. Department of Justice: French Citizen Sentenced to Eight Years in Prison for Laundering Over $470 Million Through Shell Companies and Crypto Accounts] According to an announcement by the U.S. Department of Justice, Maximilien de Hoop Cartier, a French citizen of Argentine descent, was sentenced to eight years in prison for operating an unlicensed cryptocurrency exchange and laundering over $470 million through shell companies and crypto accounts. Since 2018, Cartier had been running an over-the-counter cryptocurrency exchange, controlling a large network of U.S.-based shell companies. He falsely claimed to banks that his business was related to software publishing and development, while in reality, he converted cryptocurrency into hard currency and transferred it through the U.S. to criminal organizations in countries such as Colombia. Cartier admitted to operating an unlicensed money transmission business and to misrepresenting the nature of his business to banks. After his accounts were seized in 2021, Cartier provided federal agents with falsified records, falsely claiming he was in the process of applying for a money transmission license, which led to the partial return of seized funds.