Share this article
Payza Founders Sentenced in $250M Money Laundering Case
Canadian brothers Firoz and Ferhan Patel are headed to prison after admitting their payments company had broken the law.
By Danny Nelson
Updated Sep 14, 2021, 10:30 a.m. Published Nov 13, 2020, 6:25 p.m.
The founders of digital payments processor Payza will serve year-plus prison terms and forfeit $4.5 million in seized assets for breaking federal money transmission laws, the U.S. Department of Justice said.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Brothers Firoz and Ferhan Patel, both Canadian, had pleaded guilty in July to a lineup of financial crimes stemming from Payza, their international payments startup. Prosecutors said the unlicensed firm processed more than $250 million, including funds known to be associated with crime, an allegation to which the brothers ultimately admitted.
On Tuesday, Firoz received a 36-month sentence and Ferhan an 18-month sentence from U.S. District Court in Washington, D.C. Their company Payza (aka MH Pillars) will be in corporate probation for the next three years.
Read more: US Hits Crypto Buying Service Payza With Money Laundering Lawsuit
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Altcoins outpace bitcoin as precious metals' historic rally keeps macro focus sharp
Altcoins posted broader gains in quiet Sunday trading as bitcoin held a tight range near $88K and analysts weighed crypto against the surge in precious metals.
What to know:
- XRP, dogecoin and solana outperformed bitcoin and ether over the past 24 hours in thin weekend trading.
- Analysts said bitcoin remains range-bound between roughly $86,500 and $90,000.
- Glassnode flagged spot price sitting near one on-chain mean while remaining well below short-term holders’ cost basis.
Top Stories
