Following a significant $48.5 million settlement with the New York Department of Financial Services (NYDFS), Paxos has submitted an application to convert its trust charter into a national one through the Office of the Comptroller of Currency (OCC). This move aims to expand its regulatory oversight under federal authorities, mirroring similar applications from Ripple and Circle. The company acknowledged its past compliance failures in relation to Binance, including failing to adequately monitor transactions linked to the platform. As a result, Paxos has agreed to pay $26.5 million in fines and allocate another $22 million towards bolstering its anti-money laundering program.