PANews reported on February 12 that, according to The Block, cryptocurrency exchange Paxful Holdings Inc. has been fined $4 million for failing to implement antiPANews reported on February 12 that, according to The Block, cryptocurrency exchange Paxful Holdings Inc. has been fined $4 million for failing to implement anti
Cryptocurrency platform Paxful has been fined $4 million, with US prosecutors alleging it "profited by transferring funds for criminals."
PANews reported on February 12 that, according to The Block, cryptocurrency exchange Paxful Holdings Inc. has been fined $4 million for failing to implement anti-money laundering controls and allowing criminals to transfer illicit funds related to fraud, prostitution, and sex trafficking.
The U.S. Department of Justice issued a statement on February 11, stating that Paxful knowingly profited by transferring funds for criminals, despite knowing that its clients' funds were involved in criminal activities. Between 2015 and 2022, approximately $17 million worth of Bitcoin was transferred from Paxful's wallet to websites such as Backpage during Paxful's business dealings, from which Paxful profited at least $2.7 million. The Department of Justice stated that, based on independent analysis, it determined that Paxful was unable to pay the originally stipulated fine of over $112 million, and therefore imposed a $4 million penalty.
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