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Paxful Pleads Guilty to Aiding Crime, Ignoring AML Laws
Source: CryptoNewsNet Original Title: Paxful Pleads Guilty to Aiding Crime, Ignoring AML Laws Original Link: Bitcoin marketplace Paxful pleaded guilty to a three-count criminal information, admitting in court it helped criminals move funds and profit from illegal activity including prostitution, fraud and sanctions evasion.
A “criminal information” is a formal charging document used when a defendant waives indictment and agrees to plead guilty. In this case, Paxful admitted to violating the Travel Act by promoting illegal prostitution through interstate commerce, operating an unlicensed money transmitting business and failing to implement an anti-money laundering (AML) program, as required by the Bank Secrecy Act.
According to authorities, Paxful earned millions by turning a blind eye to crimes happening on its platform. From 2015 to 2019, Paxful processed nearly $3 billion in trades and collected over $29 million in fees. The company was also tied to Backpage, an online classified site known for illegal sex work. Investigators said nearly $17 million in bitcoin moved from Paxful to Backpage and a similar site, with Paxful profiting by at least $2.7 million.