According to Reuters, Paxos Trust has reached a settlement agreement of $48.5 million with the New York State Department of Financial Services (NYDFS) regarding its insufficient due diligence on former partner Binance and the systemic deficiencies in its anti-money laundering compliance system. Paxos will pay a fine of $26.5 million and invest $22 million to rectify its compliance program and related shortcomings.