Paxful Pleads Guilty to Aiding Criminal Activities
Update: 2025-12-11
Description
Paxful, a major cryptocurrency marketplace, pleaded guilty to three counts of criminal charges, including promoting illegal prostitution, operating an unlicensed money transmitting business, and failing to implement anti-money laundering programs. The company processed nearly $3 billion in trades between 2015 and 2019, earning over $29 million in fees. Paxful was linked to Backpage, an online classified site notorious for illegal sex work, and facilitated transfers from high-risk countries like Iran and North Korea. The company is scheduled for sentencing in February 2026.
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