On February 12, according to The Block, Paxful Holdings Inc. was ordered to pay a $4 million fine. Prosecutors stated that this cryptocurrency trading platform profited from a lack of anti-money laundering (AML) controls, enabling criminals to transfer illegal funds related to fraud, prostitution, and sex trafficking. According to a statement released by the U.S. Department of Justice (DOJ) on Wednesday, prosecutors said Paxful was aware that its customers were transferring funds derived from criminal activities.
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Paxful fined $4 million for "transferring funds for criminals and profiting"
On February 12, according to The Block, Paxful Holdings Inc. was ordered to pay a $4 million fine. Prosecutors stated that this cryptocurrency trading platform profited from a lack of anti-money laundering (AML) controls, enabling criminals to transfer illegal funds related to fraud, prostitution, and sex trafficking. According to a statement released by the U.S. Department of Justice (DOJ) on Wednesday, prosecutors said Paxful was aware that its customers were transferring funds derived from criminal activities.