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

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Photo Derek Brumby/Getty Images

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.