NYDFS Fines Stablecoin Issuer Paxos $26.5M for Compliance Failures Tied to Binance’s BUSD
New York’s top financial regulator has fined Paxos, a New York City-based stablecoin issuer, $26.5 million for “systemic failures” in its compliance and anti-money laundering programs, including a past partnership with global crypto exchange Binance, according to a Thursday announcement. In addition to the fine, Paxos agreed to spend another $22 million improving its compliance … Read more