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Paxos Salaries
Senior Developer
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₹27 L/yr - ₹34.5 L/yr
Paxos News
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Paxos Hit with $48.5 Million Fine for Anti-Money Laundering Failures in Binance Partnership
- Paxos has been fined $48.5 million by the New York Department of Financial Services for anti-money laundering failures in its partnership with Binance.
- Paxos will pay a $26.5 million penalty directly to New York State and invest an additional $22 million to enhance its compliance systems over the next three years.
- New York regulators found that Paxos failed to properly monitor Binance for illegal activity, allowing approximately $1.6 billion in suspicious transactions involving criminals and sanctioned entities to flow through Binance’s platform between 2017 and 2022.
- The settlement underscores the importance of proper compliance in the crypto industry and highlights the regulatory challenges facing companies like Binance. Paxos has addressed the compliance issues and remains active in the stablecoin market.
Bravenewcoin | 9 Aug, 2025
Paxos Settles with NYDFS for $48M Over Binance and AML Violations
- Paxos has agreed to pay $48.5 million to the New York Department of Financial Services (NYDFS) to settle allegations related to Binance and anti-money laundering program.
- The settlement includes a $26.5 million fine and a $22 million investment in its compliance program.
- Paxos previously issued the Binance USD (BUSD) stablecoin until NYDFS ordered it to stop over geofencing and sanctions control issues.
- Paxos was found to have compliance issues, including inadequate due diligence on Binance, weak KYC procedures, and poor transaction monitoring system.
Cryptopotato | 9 Aug, 2025
New York fines Paxos $48.5M over Binance-linked compliance lapses
- New York Department of Financial Services fines Paxos $48.5 million for compliance lapses related to anti-money laundering and customer due diligence procedures.
- The penalty consists of a $26.5 million civil monetary fine and requires Paxos to allocate an additional $22 million over three years to bolster its compliance systems.
- The investigation focused on Paxos' association with Binance and its issuance of the Binance USD stablecoin, revealing inadequate due diligence on Binance transactions, including $1.6 billion linked to illicit actors.
- NYDFS ordered Paxos to cease BUSD issuance in 2023 due to oversight failures, also identifying broader compliance program issues such as weak KYC protocols and delayed responses to law enforcement inquiries.
Cryptoslate | 8 Aug, 2025
Paxos Reaches $48.5 Million Settlement With NY Over Compliance Failings
- Paxos has agreed to pay a $48.5 million settlement to the New York State Department of Financial Services over compliance failings.
- The settlement is related to Paxos' failure to conduct proper due diligence into its former partner, cryptocurrency exchange Binance.
- NYDFS found 'systemic failures' in Paxos' anti-money laundering program, resulting in a $26.5 million penalty and a $22 million investment into its compliance program.
- Paxos did not respond to requests for comments. NYDFS noted that Paxos lacked controls to monitor illicit activities involving Binance, leading to transactions involving fraudsters and entities under U.S. sanctions.
Pymnts | 7 Aug, 2025
NYDFS Fines Paxos $26.5M, Orders Compliance Overhaul in Binance Stablecoin Case
- The New York Department of Financial Services settled with Paxos for $48.5 million over anti-money laundering control issues related to its partnership with Binance.
- Paxos ceased minting Binance USD tokens in February 2023 after NYDFS investigated its AML weaknesses; Binance gradually stopped BUSD support.
- The settlement includes a $26.5 million fine and a $22 million commitment from Paxos to enhance its compliance program.
- Regulators emphasize the importance of risk management systems and compliance with AML and KYC rules in the crypto sector amid ongoing regulatory concerns and investigations.
Financemagnates | 7 Aug, 2025
Visa Adds More Stablecoin Support, Taps Stellar and Avalanche Chains
- Visa is expanding its support for cryptocurrencies by adding more stablecoins and chains such as Stellar and Avalanche, along with the euro-backed EURC.
- Stablecoins are a significant trend in adoption this year, with Visa partnering with Paxos to introduce Global Dollar (USDG) and PayPal USD (PYUSD) stablecoins.
- The addition of stablecoins and blockchains like Ethereum, Solana, Stellar, and Avalanche aims to create a versatile foundation to meet partners' worldwide needs.
- Stablecoins have seen increased adoption in business, with their market cap doubling since last year. The regulatory GENIUS Act and interest from major U.S. banks further highlight the growing importance of stablecoins.
Cryptopotato | 2 Aug, 2025
Visa Expands Crypto Settlement with PYUSD, EURC, and More Blockchains
- Visa expands its crypto settlement platform by adding new stablecoins PYUSD, EURC, and integrating Stellar and Avalanche blockchains.
- The move aims to boost global stablecoin payment systems and facilitate secure, quick digital transactions internationally.
- Visa's collaboration with partners like Paxos will support USDG, PYUSD, and EURC stablecoins for real-world use and cross-border payments.
- Visa's goal is to create a multi-coin, multi-chain base infrastructure, offering scalable stablecoin services worldwide to enhance global payments.
Livebitcoinnews | 1 Aug, 2025
Stellar Touts Banking Partnerships While Lightchain AI Touts Real Buyer Growth and $21M Raised
- Stellar is strengthening finance through strategic banking partnerships, focusing on cross-border payment solutions.
- Lightchain AI celebrates raising $21 million and growing real buyer numbers, emphasizing genuine utility and strategic growth.
- Stellar's partnerships with prominent names and institutions like Paxos, Mastercard, and MoneyGram aim to broaden blockchain usage in traditional finance.
- Lightchain AI stands out with its Transparent AI Framework, Governance Integration, and Memecoin Launchpad, fostering community trust and building a dynamic ecosystem.
TechBullion | 15 Jul, 2025
OKX Joins Global Dollar Network to Boost Paxos-Backed USDG Stablecoin Access
- OKX has integrated with the Global Dollar Network (GDN) to provide access to and conversion of the Paxos-backed USDG stablecoin for its 60 million users across 180 countries at no cost.
- USDG is regulated in Singapore and Europe, enhancing compliance and global market accessibility, with a unique revenue-sharing model within the GDN that supports active partnership among participants.
- The collaboration between OKX and GDN aims to accelerate stablecoin adoption worldwide, aligning with the rising demand for stablecoins among retail and institutional clients.
- The total stablecoin market cap exceeds $263 billion, indicating significant growth. OKX's partnership with GDN reflects the industry's evolution and potential for further expansion, facilitated by increasing regulatory frameworks supporting digital asset adoption.
TronWeekly | 15 Jul, 2025
OKX joins Paxos’ USDG network as stablecoin push intensifies
- OKX has joined the Global Dollar Network to promote Paxos' USDG stablecoin.
- By joining the network, OKX's 60 million users will gain access to USDG for trading and transfers.
- USDG is backed by US dollar deposits and short-term government securities, regulated by the Monetary Authority of Singapore.
- Stablecoins like USDG are gaining popularity globally for settlements, liquidity management, reliable transactions, and value preservation.
Coin Telegraph | 15 Jul, 2025
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