Skip to Primary Navigation

Skip to main content

New York settles with Paxos for $48m over BUSD compliance deficiencies

New York State Flag
Photo Derek Brumby/Getty Images

Alexander Barzacanos

2 min read
 Click to share on Facebook (Opens in new window/tab) Click to share on Twitter (Opens in new window/tab) Click to share on LinkedIn (Opens in new window/tab) Click to share on WhatsApp (Opens in new window/tab)

The blockchain technology company was accused of AML/KYC control failures, and insufficient oversight of its relationship with Binance.

The New York Department of Financial Services (DFS) has announced a $48m settlement with blockchain technology company Paxos, the official issuer of crypto platform Binance’s stablecoin “Binance USD” (BUSD).

Paxos was charged with failing to maintain effective oversight of its relationship with Binance, as well as independent compliance deficiencies.

, , , , , , , , , , ,

Get full access, free for a month

This is a Premium article. Start your 28-day free trial to continue reading and access all content on GRIP – no payment details required.

Start free trial Sign in

What’s included:

  • Every new article, plus our 5,000+ archive
  • Daily regulatory insight and guidance
  • Exclusive interviews and in-depth analysis
  • Coverage of industry-leading events and conferences
  • All podcasts and videos, featuring industry experts
  • The full set of Rules Navigator tools
  • An ad-free experience