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Paxos Fined by New York: What Happened?

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by Giorgi Kostiuk

2 hours ago

New York's Department of Financial Services has announced a fine against Paxos due to oversight regarding Binance user controls.

Reasons for the Fine

The New York Department of Financial Services stated that Paxos did not conduct sufficient checks on Binance's controls intended to block U.S. users from accessing the platform. This was the primary reason for the fine.

Paxos' Reaction to the Decision

In addition to the fine, Paxos will invest $22 million to enhance its compliance systems. The firm acknowledged the issues, noting they were identified years ago and have since been resolved.

The Situation with Binance

The penalty comes after NYDFS forced Paxos to stop issuing BUSD in 2023. The SEC had probed Paxos but dropped its case last year. Meanwhile, Binance has faced broader legal trouble. Its former CEO, Changpeng Zhao, pleaded guilty to federal charges and agreed to a $4 billion settlement with U.S. authorities.

Paxos asserts that no customers were harmed and the company is moving forward from this matter.

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