The New York Department of Financial Services announced a $48.5 million settlement with Paxos, a crypto infrastructure company. The settlement concerns Paxos' partnership with Binance and alleged shortcomings in its anti-money laundering controls. In February 2023, Paxos ceased minting Binance USD tokens following an NYDFS investigation into its relationship with Binance and AML weaknesses. Binance then gradually discontinued BUSD support across its platforms. The settlement includes a $26.5 million fine and a $22 million commitment from Paxos to enhance its compliance program. According to NYDFS, Paxos failed to ... (full story)