Paxful Holdings Inc. agrees to plead guilty to federal charges and pay a total fine of $7.5 million ($4 million criminal fine by the U.S. Department of Justice and $3.5 million civil fine by FinCEN). Prosecutors state that Paxful facilitated approximately $3 billion in transactions from 2017 to 2019, with about $17 million flowing to illegal sex trafficking sites like Backpage. The platform has long evaded compliance and failed to report suspicious activity as required. The sentencing hearing is scheduled for February 10, 2026, and co-founder Artur Schaback has already pleaded guilty to related charges in July 2024. (Decrypt)
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
Paxful Holdings Inc. agrees to plead guilty to federal charges and pay a total fine of $7.5 million ($4 million criminal fine by the U.S. Department of Justice and $3.5 million civil fine by FinCEN). Prosecutors state that Paxful facilitated approximately $3 billion in transactions from 2017 to 2019, with about $17 million flowing to illegal sex trafficking sites like Backpage. The platform has long evaded compliance and failed to report suspicious activity as required. The sentencing hearing is scheduled for February 10, 2026, and co-founder Artur Schaback has already pleaded guilty to related charges in July 2024. (Decrypt)