[Crypto Exchange Paxful Pleads Guilty, Fined $7.5 Million] According to a report by Jinse Finance, cryptocurrency exchange Paxful has pleaded guilty to federal charges for facilitating money laundering and various criminal activities on its platform and will pay a total of $7.5 million in criminal and civil penalties. Authorities stated that the platform processed a total transaction volume of $3 billion, including $17 million directed to illegal pornography websites and $500 million involving sanctioned countries such as Iran and North Korea. The U.S. Department of Justice accused Paxful of deliberately circumventing compliance and regulatory mechanisms, failing to fulfill customer identity verification obligations, and not reporting suspicious transactions. The exchange's co-founder, Artur Schaback, also pleaded guilty in July 2024.