#Binance

2. Paxos Trust Settles in Relation to Binance

What’s happening: Paxos Trust has reached a $48.5 million settlement with New York’s financial regulator (NYDFS) over anti-money laundering (AML) shortcomings tied to its previous partnership with Binance. The agreement includes a $26.5 million fine and a $22 million investment to enhance Paxos' compliance infrastructure.

Why it matters: The settlement highlights regulatory scrutiny over the ecosystem surrounding Binance and signals stricter enforcement of compliance standards.