Paxful, a crypto peer-to-peer network, has agreed to plead guilty to multiple federal criminal charges, according to the U.S. Department of Justice (DOJ) Wednesday. The plea agreement follows years of scrutiny from regulators over anit-money laundering (AML) compliance failures, which led to the co-founder of the company being criminally charged last year.
On Wednesday, Paxful entered a guilty plea conspiring to violate the Travel Act by promoting illegal prostitution through interstate commerce; operating an unlicensed money transmitting business; and conspiring to violate the BSA’s anti-money-laundering requirements, according to a Department of Justice (DOJ) press release.
