The New York State Department of Financial Services (NYDFS) responded by handing Paxos a stiff $26.5 million fine for its violations related to the Binance partnership. This punishment is nothing like a regulatory slap on the wrist. In the end, this is the most stark wake-up call. If we want...

The rapidly evolving world of cryptocurrency has been under the regulatory microscope. Recent developments—including the New York Department of Financial Services tabulating a $26.5 million fine against Paxos—demonstrate the intensifying squeeze on crypto companies. They have to now start implementing rigorous enforcement of strict Anti-Money Laundering (AML) standards. This deep...

Paxos Trust Company will pay $26.5 million to the NYDFS. This payment settles allegations over its former compliance with Binance. In its cease and desist order, the New York financial services regulator claimed that Paxos Trust also failed to exercise sufficient due diligence over Binance. This penalty addresses violations resulting...

The New York State Department of Financial Services (NYDFS) recently announced a $26.5 million fine against Paxos. This $4.3 billion civil monetary penalty is for compliance failures related to Binance. In a quick look, it might appear to be a far-off rumbling. A tale limited to the shiny ivory towers...