Paxos Trust in $48.5 Million New York Settlement over Binance-Related Lapses

Paxos Trust Reaches $48.5 Million Settlement With New York Related to ...

Paxos Trust reaches $48.5 million settlement with New York related to Binance

NEW YORK (Reuters) -Paxos Trust reached a $48.5 million settlement to resolve New York charges it failed to conduct sufficient due diligence of its former partner Binance, and had systemic failures in its anti-money laundering program, the state's financial services regulator said on Thursday.

Paxos Trust in $48.5 million New York settlement over Binance-related lapses

NEW YORK :Paxos Trust reached a $48.5 million settlement to resolve New York charges the virtual currency company failed to police illegal activity related to cryptocurrency exchange Binance, the state's financial services regulator said on Thursday.Adrienne Harris, New York's financial services superintenden

In $48.5M Settlement With New York State, Paxos Will Overhaul Money-Laundering Controls and Diligence Failures Relative to Ex-Partner

While Paxos Trust Co. agreed to pay the state of New York $26.5 million, it said the historic compliance issues have no impact on current customer accounts.

Paxos Trust has agreed to pay a $48.5 million settlement to NYDFS over Binance, AML failures

Paxos Trust has agreed to pay a $48.5 million settlement to the New York Department of Financial Services (NYDFS), resolving allegations that it failed to properly monitor illicit activity tied to its former partnership with Binance, the world’s largest cryptocurrency exchange. The settlement includes a $26.5 million civil penalty and $22 million allocated toward overhauling Paxos’s compliance program. Partnership with Binance exposed Paxos to i…

Paxos to pay $48.5 million in BUSD case settlement, Binance due ...