NYDFS Fines Stablecoin Issuer Paxos $26.5M for Compliance Failures Tied to Binance’s BUSD

NYDFS Fines Stablecoin Issuer Paxos $26.5M for Compliance Failures Tied to Binance’s BUSD

In addition to the fine, Paxos agreed to invest another $22 million into beefing up its compliance program.

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…

Paxos Trust Pays $48.5M to Settle Binance-Linked New York Case

Paxos Trust has agreed to pay $48.5 million after New York regulators said the company failed to stop illegal activity The post Paxos Trust Pays $48.5M to Settle Binance-Linked New York Case appeared first on TheCoinrise.com.

NYDFS Fines Paxos $48.5M Over BUSD and Binance Links

Paxos has agreed to pay $48.5 million to settle with New York’s financial regulator over issues linked to its partnership with Binance and weaknesses in how it handled anti-money laundering checks.

Paxos pays $48.5m to settle NY charges over Binance USD

After years of legal troubles, Paxos has finally settled its Binance USD stablecoin case.