Paxos Fined $48.5M by NYDFS for Compliance Failures in Binance Partnership

TLDR New York regulator fined Paxos $26.5 million for compliance failures related to its Binance partnership Paxos agreed to invest an additional $22 million to improve its compliance program Issues included inadequate monitoring for illicit activity and deficient KYC procedures NYDFS found approximately $1.6 billion in illicit flows between Binance and Paxos via BUSD Paxos [...]

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