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Paxful Pleads Guilty to Illicit Crypto Activity, Agrees to $4M Penalty

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Paxful Pleads Guilty to Illicit Crypto Activity, Agrees to $4M Penalty Amid EU Markets in Crypto-Assets Regulation Scrutiny The U.S. Department of Justice announced on Dec. 10 that Paxful Holdings Inc. pleaded guilty and agreed to pay a $4 million criminal penalty for enabling illicit virtual asset activity. Court documents show Paxful processed funds linked to fraud, illegal prostitution, romance scams, and extortion from 2017 to 2019, during which it facilitated over 26.7 million trades totaling nearly $3 billion. The case highlights ongoing regulatory focus on liquidity and crypto markets. Sentencing is set for Feb. 10, 2026.
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