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Blockchain firm Paxos to pay $48.5 million to resolve New York regulatory probe

( August 7, 2025, 17:04 GMT | Official Statement) -- MLex Summary: Paxos Trust Co. will pay a $26.5 million penalty to New York for failure to conduct sufficient due diligence of its former partner, Binance, and systemic failures in Paxos’s anti-money laundering program, the Department of Financial Services announced. In addition to the penalty, Paxos has agreed to invest an additional $22 million to improve its compliance program and remediate deficiencies pursuant to a plan approved by DFS.Statement follows below. Document attached....

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