Paxos Trust has agreed to pay a $48.5 million settlement to NYDFS over Binance, AML failures

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Paxos Trust has agreed to pay a $48.5 million settlement to the New York Department of Financial Services (NYDFS), resolving allegations that it failed to properly monitor illicit activity tied to its former partnership with Binance, the world’s largest cryptocurrency exchange. The settlement includes a $26.5 million civil penalty and $22 million allocated toward overhauling Paxos’s compliance program. Partnership with Binance exposed Paxos to illegal activity The NYDFS’s investigation focused o...