Binance:
1. Paxos Settlement over AML Failures:
* Paxos Trust Company has reached a $48.5 million settlement with the New York Department of Financial Services (NYDFS) for its anti-money laundering (AML) failures related to its past partnership with Binance.
* The NYDFS investigation found that Paxos failed to conduct sufficient due diligence on Binance and had "systemic failures" in its AML program.
* A review of transactions from July 2017 to November 2022 found that approximately $1.6 billion on the Binance platform involved illicit actors, and Binance also processed transactions with entities sanctioned by the U.S. Office of Foreign Assets Control.
* The settlement includes a $26.5 million penalty to New York State and an additional $22 million investment by Paxos into its compliance program.
2. Binance Product and Service Updates:
* Binance has introduced direct crypto-to-card withdrawals for European users via Mastercard, enabling near-instant conversion of digital assets to funds on linked cards.
* There have been several new cryptocurrency listings on Binance, including ERA, LAToken (LA), Sahara AI (SAHARA), and Spark (SPK), among others.
3. Binance.US Updates:
* Binance.US has updated its OTC trading portal with new maximum order limits for over 35 trading pairs.
* The company is also launching an API partner program for automated trading platforms.
* Binance.US has been involved in various network upgrades and hard forks for different cryptocurrencies, including Cardano (ADA), Horizen (ZEN), and Ethereum Classic (ETC).
* The exchange also recently delisted several tokens, including Balancer (BAL) and CLV.
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