NYDFS Fines Paxos $26.5M, Orders Compliance Overhaul in Binance Stablecoin Case

The New York Department of Financial Services announced a $48.5 million settlement with Paxos, a crypto infrastructure company. The settlement concerns Paxos' partnership with Binance and alleged shortcomings in its anti-money laundering controls.In February 2023, Paxos ceased minting Binance USD to…