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DOJ Fines Paxful $4 Million for Illicit Funds Transfers

The U.S. Department of Justice fined Paxful Holdings Inc. $4 million for operating an unlicensed money-transmitting business and facilitating illicit transactions, including prostitution, fraud, and money laundering. The peer-to-peer Bitcoin exchange knowingly operated without required anti-money laundering controls, violating the Travel Act. Between 2017 and 2019, Paxful processed over $26 million in criminal transactions and earned nearly $30 million in revenue. The company admitted to attracting criminals with weak compliance practices. Although initially facing a $112 million fine, the penalty was reduced to $4 million based on the company’s ability to pay. The case underscores increased federal enforcement of AML regulations in the crypto sector.

TheNewsCrypto02/12 07:05