Paxos reaches $ 48.5 million with NYDFs after poor monitoring of bony transactions-$ 1.6 billion has remained undetected.

Paxos reaches $ 48.5 million with NYDFs after poor monitoring of bony transactions-$ 1.6 billion has remained undetected.

Paxos reaches an agreement of over $ 48.5 million with NYDFs due to defective monitoring of money flows

The crypto company Paxos has reached an agreement with the New York State Department of Financial Services (NYDFS) over $ 48.5 million. This agreement follows the allegations that the company had inadequate controls to monitor money flows that were connected to the Binance trading platform.

paxos came under criticism after it was found that transfers worth $ 1.6 billion were classified as risky without adequate surveillance. This development raises important questions about compliance and risk management practices in the crypto sector, especially with regard to dealing with transactions that could potentially violate applicable regulations.

The agreement with the NYDFS enables Paxos to improve its procedures for monitoring money flows and to better meet regulatory requirements. This measure reflects the growing attention and control that can expect crypto companies in terms of money laundering and risk management.

Overall, the case of Paxos shows how important it is for crypto companies to introduce robust systems for compliance and monitoring in order to meet the requirements of the supervisory authorities and to advance potential legal consequences.