US EditionCrypto Trading Site Faces $7.5M in US Fines for Enabling North Korean Laundering
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4 Articles
Crypto trading site faces $7.5M in US fines for enabling North Korean laundering
A shuttered cryptocurrency trading platform is set to pay $7.5 million in criminal and civil penalties after pleading guilty to enabling money laundering by North Korean cybercriminals and other illicit actors. Paxful Holdings Inc., the holding company of a peer-to-peer bitcoin exchange that shut down in November, pleaded guilty Tuesday to charges including operating an […]
Key points of the news: Paxful pleaded guilty to three criminal charges, including violating the Travel Act and operating without a money transfer license. The platform facilitated crimes such as illegal prostitution, fraud and sanctions evasion, obtaining $29 million in commissions. The DOJ fine of $112.5 million was reduced to $4 million, and the sentence will be handed down in February 2026. Bitcoin Paxful’s marketplace pleaded guilty to a cr…
Representatives of the platform accepted the charges filed by the prosecution, so the case will no longer be considered by a jury. The accepted charges include the non-implementation of controls and links with platforms dedicated to illicit activities. *** Paxful pleaded guilty to three criminal charges before U.S. authorities. Investigators linked the platform to illegal activities, including illegal sex work and sanctions evasion. The company …
Paxful Pleads Guilty to Criminal Charges for Enabling Illegal Activity, DOJ Says
Bitcoin marketplace Paxful has pleaded guilty to a three-count criminal information, admitting it enabled criminals to move funds tied to illegal activities including prostitution, fraud and sanctions evasion, according to the U.S. Department of Justice. The plea, entered after Paxful waived indictment, confirms the company violated the Travel Act by promoting illegal prostitution, operated an unlicensed money-transmitting business and failed to…
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