Stablecoin issuer Paxos fined $26.5M by NYDFS over BUSD-tied compliance lapses
Main Idea
The New York Department of Financial Services fined Paxos Trust Company $26.5 million for anti-money laundering violations and required additional investments in compliance improvements.
Key Points
1. Paxos Trust Company was fined $26.5 million by the New York Department of Financial Services.
2. The fine was related to anti-money laundering violations.
3. Paxos agreed to invest additional funds in compliance improvements.
Description
More on BUSD Stablecoins could reshape the yield curve, Apollo warns What are stablecoins? Financial information for BUSD
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