#NEWSALERT
2. Paxos Settles $48.5M Over Due Diligence Failures Tied to Binance
Paxos Trust, formerly Binance’s stablecoin partner, agreed to a $48.5 million settlement with New York State over allegedly failing to conduct adequate AML due diligence on Binance—comprising a $26.5M fine and $22M in upgraded compliance infrastructure .
Why it hits hard: Innocent by association? Not here. The ripple effect of Binance’s regulatory entanglements continues to unsettle the crypto ecosystem.
