Paxos resides with NYDFS for $ 48.5 million

The New York Department of Financial Services (NYDFS) arrived at the disposal of $ 48.5 million with Crypto Infrastructure Company Paxos, which failed for the balance with balance and adequately failed to the money-lolling provisions.

According to Thursday’s Enocons, Paxos will pay a fine of $ 26.5 million and an additional $ 22 million to pay a fine of $ 26.5 million to the state of New York.

NYDFS stated that Paxos failed to work regularly on binance and its ITS Itscein Binance Users (BUSD) saw about $ 1.6 billion from the Crypto Exchange and about $ 1.6 billion in the Crypto Exchange.

https://www.youtube.com/watch?v=ry9mi57pbjs

The regulator ordered Paxos to stop distributing stablecoin in February 2023.

“Regulated institutions Mustain Vinierot Risk Management Framework that suit their commercial risks, including trading partners and third-party vendors.”

After knowing the anti-mani laundering rules and its customer (KYC) rules, a hot-button issue has been made in the Cryptocurrency industry, in which many companies are demanding regulatory clarity on legal liability and responsibilities under the law.

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Paxos faced pushbacks from sec and NYDFS on Binance Stablecoin

The User Securities and Exchange Commission (SEC) sent a Wells notice to PAXOS about Busd Stablecoin in February 2023, warning of potential legal action.

Safe authorities accused Paxos of distributing “unregistered securities” and distributing consumer protection laws by participating with the banns to distribute to Stabilin. However, the second with Wales notice in 2024.

A day later, NYDFS similarly accused the Paxos of selling “unregistered securities”, forcing the company to stop distributing Busd Stablecoin.