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FinCEN Imposes $3.5M Fine on Paxful for Enabling Illicit Transactions
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FinCEN Imposes $3.5M Fine on Paxful for Enabling Illicit Transactions
By the Constantine Cannon Whistleblower Team On December 9, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced it imposed a $3.5 million civil penalty on Paxful, Inc. and Paxful USA, Inc. for willfully violating the Bank Secrecy Act (BSA), the key U.S. anti-money laundering law. Paxful, a peer-to-peer convertible virtual currency trading platform, facilitated over $500 million in suspicious activities involv…
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