Paxos Faces $26.5 Million Penalty Over Binance USD Due Diligence Shortcomings, Highlights Compliance Challenges
Main Idea
Paxos Trust will pay a $26.5 million penalty to New York State for compliance failures related to its partnership with Binance, and will invest $22 million to enhance its compliance program.
Key Points
1. Paxos Trust faces a $26.5 million penalty from New York regulators due to systemic failures in its anti-money laundering program.
2. The New York State Department of Financial Services (NYDFS) found that Paxos allowed U.S. customers to use Binance despite compliance concerns.
3. Paxos will invest $22 million to improve its compliance program in response to the regulatory findings.
4. The penalty highlights the increasing regulatory scrutiny on cryptocurrency firms and their partnerships.
Description
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