New York Regulator Secures $48.5M Settlement From Paxos Over Binance Dealings

After failing to detect $1.6 B in suspect activity tied to Binance, Paxos has concluded a $48.5 M settlement with NYDFS that includes a $26.5 M penalty and a $22 M commitment to rebuild onboarding, transaction monitoring and cooperation with enforcement, showing tougher scrutiny for crypto custodians.

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