Paxful Fined $4 Million for Aiding Money Laundering

BlockBeats News, February 12th, according to The Block, Paxful Holdings Inc. has been ordered to pay a $4 million fine. Prosecutors said that the cryptocurrency exchange platform profited from a lack of anti-money laundering (AML) controls, allowing criminals to transfer illegal funds associated with 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 from criminal activities.