Paxos Trust reaches $48.5 million settlement with New York related to Binance
ReutersAug 7, 2025 1:56 PM
NEW YORK, Aug 7 (Reuters) - Paxos Trust reached a $48.5 million settlement to resolve New York charges it failed to conduct sufficient due diligence of its former partner Binance, and had systemic failures in its anti-money laundering program, the state's financial services regulator said on Thursday.
The settlement calls for Paxos to pay a $26.5 million fine and spend $22 million to improve its compliance program and address deficiencies, New York financial services superintendent Adrienne Harris said.
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