Cryptocurrency exchange Paxful has pleaded guilty to federal charges for facilitating money laundering and various criminal activities on its platform and will pay a total of $7.50 million in criminal and civil penalties.
Authorities said the platform had processed $3 billion in transactions, including $17 million to illegal sex trafficking sites and $500 million in transactions involving sanctioned countries such as Iran and North Korea.
The Department of Justice alleges that Paxful knowingly circumvented compliance by failing to meet its customer identification obligations and report suspicious trading activity. Arthur Shabak, the exchange's co-founder, also pleaded guilty in July 2024.
Crypto exchange Paxful agrees to plead guilty, fined $7.50 million
2025-12-11 00:14:05
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