US EditionNYDFS Fines Stablecoin Issuer Paxos $26.5M for Compliance Failures Tied to Binance’s BUSD
8 Articles
8 Articles
Stablecoin Provider Paxos to Pay $26.5M Fine to Settle Charges Related to Binance - WorldNL Magazine
In brief New York-based fintech Paxos worked with Binance to mint the BUSD stablecoin. It stopped working with Binance in 2023. New York's regulator has said Paxos will pay a $26.5 million penalty for not doing due diligence on Binance. Stablecoin issuer Paxos Trust will pay a $26.5 million penalty to New York State to resolve charges related to its previous partnership with the world's biggest crypto exchange, Binance, the New York State Depart…
The New York financial regulator sanctioned Paxos for deficiencies in his anti-washing program and his lack of diligence in partnering with Binance for the issuance of a stablecoin. *** NYDFS imposed a $26.5 million fine on Paxos. The company will also allocate $22 million to strengthen its compliance. The case is linked to the issuance of the BUSD stablecoin in collaboration with Binance. The financial company issuing stablecoins, Paxos Trust C…
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