Stablecoin Provider Paxos to Pay $26.5M Fine to Settle Charges Related to Binance

Key Points

1. Paxos Trust is fined $26.5 million by New York's regulator for failing to conduct proper due diligence on Binance, allowing U.S. customers to illegally use the platform.

2. Paxos ended its partnership with Binance in 2023, halting the minting of BUSD, though existing tokens remain redeemable.

3. Crypto scammers are exploiting TikTok Shop through fake ads and AI-generated influencer clips to deceive victims.

4. Tornado Cash developer Roman Storm was found guilty of conspiracy to operate an unlicensed money-transmitting business.

5. India's Enforcement Directorate froze $4.8 million in assets linked to a man jailed in the U.S. for a $20 million crypto fraud involving fake Coinbase websites.