Paxful Pleads Guilty to Federal Charges
Update: 2025-12-11
Description
Paxful Holdings Incorporated, a Bitcoin exchange, pleads guilty to federal charges, agreeing to pay a four million dollar criminal penalty. The company facilitated three billion dollars in trades between 2017 and 2019, earning over twenty-nine million dollars in revenue. Paxful knowingly enabled criminal activity on its platform, attracting clients involved in fraud, extortion, money laundering, and prostitution. The company processed transactions for Backpage, an illegal prostitution advertising platform, generating at least two point seven million dollars in profits. Paxful also facilitated transactions with sanctioned countries like Iran, North Korea, and Venezuela. The company pleaded guilty to three conspiracy charges and is scheduled for sentencing on February tenth, 2026.
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