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The WikiFX Score of this broker is reduced because of too many complaints!

PAXOS

China|2-5 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://www.paxos.com/

Website

Rating Index

Contact

1-800-342-3736
press@paxos.com
https://www.paxos.com/
https://www.facebook.com/PaxosGlobal/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

Danger

ID BAPPEBTI
2022-09-20
Bappebti Blocks 760 Website Domains, Reminds of the Risk of Transactions in Unlicensed PBK Entities
PAXOS
Tradovate
LIVECRYPTOFOREX

Contact number

English

1-800-342-3736

Broker Information

More

Company Name

Paxos Trust Company, LLC

Company Abbreviation

PAXOS

Platform registered country and region

China

Company website
Twitter
Facebook
Linkedin

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 2
Previous Detection : 2024-03-29
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 5 for this broker in the past 3 months. Please be aware of the risk!

WikiFX Verification

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PAXOS · Company Summary

PAXOS Basic Information
Company Name PAXOS
Founded 2015
Headquarters China
Regulations Not regulated
Products and Services Crypto Brokerage, Securities Settlement, Stablecoin and Payments, Tokenization Infrastructure, Commodities Settlement, Paxos, Issued Assets (PYUSD, PAXG, USDP)
Customer Support - Support Center for existing customers - Press inquiries: press@paxos.com - Complaints: Submit support requests via the support center or direct complaints to the New York State Department of Financial Services
Education Resources - Blog covering company news and insights - Newsletter for enterprises, financial institutions, and fintech professionals

Overview of PAXOS

PAXOS, established in 2015 and headquartered in China, positions itself as a cryptocurrency platform offering a diverse range of financial solutions. The company operates within the cryptocurrency industry, presenting a comprehensive suite of services aimed at providing transparency and regulatory compliance. PAXOS's primary offerings include a Crypto Brokerage service, enabling users to engage in cryptocurrency trading with a focus on regulatory adherence. The platform also encompasses essential trading and wallet infrastructure, ensuring a secure and efficient environment for users to manage their digital assets.

Notably, PAXOS actively participates in Securities Settlement, facilitating secure and streamlined transactions related to securities within the cryptocurrency space. This service extends to Settlement for broker-dealers, contributing to the overall efficiency of financial transactions within the platform. PAXOS further enhances its ecosystem with Stablecoin and Payments services, introducing stable digital assets like PYUSD (PayPal USD), PAXG (Pax Gold), and USDP (Pax Dollar). These stablecoins aim to provide a reliable means for transactions and payments within the crypto space, pegged to fiat currencies for stability. The platform also engages in tokenization infrastructure, enabling the representation of various assets on the blockchain, including Commodities Settlement for trading and settling precious metals. Additionally, PAXOS issues its own assets, further diversifying the digital assets available on the platform.

Despite its comprehensive offerings, it's important to note that PAXOS operates without regulation, raising concerns about the safety of funds and transparency. Traders and users should carefully evaluate the advantages of PAXOS's diverse product range against the potential risks associated with an unregulated broker.

PAXOS

Is PAXOS Legit?

PAXOS is not regulated by any recognized financial regulatory authority. As an unregulated broker, it operates without oversight from regulatory bodies that are responsible for ensuring compliance with industry standards and protecting the interests of traders. This lack of regulation raises concerns about the safety and security of funds, as well as the transparency of the broker's business practices.

Trading with an unregulated broker like PAXOS carries inherent risks. Without regulatory supervision, there may be limited avenues for dispute resolution, and traders may face challenges in seeking recourse in case of any issues or disputes. Additionally, unregulated brokers may not be subject to stringent financial and operational standards, potentially leading to inadequate client fund protection and unfair trading practices.

regulatory

Pros and Cons

PAXOS presents a comprehensive financial ecosystem within the cryptocurrency industry, offering a diverse range of services that cater to various user needs. The platform's Crypto Brokerage service and regulated financial solutions contribute to a well-rounded suite of offerings. However, a notable drawback is the lack of regulatory oversight, raising concerns about the safety of funds and transparency. Traders should exercise caution, considering the potential risks associated with operating on an unregulated platform. Additionally, while PAXOS provides a range of stablecoins and engages in tokenization infrastructure, the platform may have limitations in terms of the variety of tradable assets available compared to platforms under regulatory scrutiny.

Pros Cons
  • Comprehensive Financial Ecosystem
  • Lack of Regulatory Oversight
  • Diverse Crypto Services
  • Potential Safety and Transparency Concerns
  • Regulated Financial Solutions
  • Limited Tradable Assets

Products and Services

PAXOS provides a range of regulated financial solutions within the cryptocurrency industry, positioning itself as a comprehensive platform. One key aspect of its offerings is the Crypto Brokerage service, allowing users to engage in cryptocurrency trading with a focus on transparency and regulatory compliance. The platform also provides essential trading and wallet infrastructure, offering users a secure and efficient environment to manage their digital assets.

A notable feature of PAXOS is its involvement in Securities Settlement, facilitating secure and streamlined transactions related to securities in the cryptocurrency space. This service extends to Settlement for broker-dealers, contributing to the overall efficiency of financial transactions within the platform. PAXOS further enhances its ecosystem with Stablecoin and Payments services, introducing stable digital assets like PYUSD (PayPal USD), PAXG (Pax Gold), and USDP (Pax Dollar). These stablecoins aim to provide a reliable means for transactions and payments within the crypto space, pegged to fiat currencies for stability.

PAXOS is actively involved in tokenization infrastructure, allowing for the representation of various assets on the blockchain. This expands the platform's utility to include Commodities Settlement, facilitating the trading and settlement of precious metals. Additionally, PAXOS issues its own assets, including PYUSD, PAXG, and USDP, contributing to the diverse range of digital assets available on the platform. Overall, PAXOS' products and services reflect its commitment to regulatory compliance and providing a comprehensive financial ecosystem within the cryptocurrency landscape.

Services

How to Open an Account?

To open an account with PAXOS, follow these steps.

  1. Visit the PAXOS website. Look for the “Sign in” button on the homepage and click on it.

 Account
  1. Sign up on websites registration page. Alternatively, users can choose the option to sign in with their Google account. Note that new accounts are currently limited to purchasing or redeeming Paxos-issued stablecoins, with exchange trading disabled.

 Account
  1. Receive your personal account login from an automated email

  2. Log in

Customer Support

PAXOS provides various channels for users to access customer support and address specific needs.

1. Support Center:

Existing customers can visit the support center, offering a dedicated space to find assistance and resolve queries. This centralized support hub likely provides resources, FAQs, and a ticketing system for issue resolution.

2. Press Inquiries:

Members of the press seeking information or interviews can reach out to PAXOS via email at press@paxos.com. This dedicated contact allows for streamlined communication between the company and media representatives.

3. Directing Complaints:

Users with specific complaints can submit support requests through the support center. Additionally, for individuals located in the State of New York, there is an option to direct unresolved complaints to the New York State Department of Financial Services. This regulatory avenue adds an extra layer of transparency and accountability.

Customer Support

Educational Resources

PAXOS offers educational resources to keep its audience informed about developments in the blockchain and crypto space.

1. Blog:

The PAXOS blog serves as a platform for users to stay updated on the latest news and stories related to the company. Covering a range of topics, including engineering insights and messages from the CEO, the blog provides valuable content for those interested in gaining a deeper understanding of Paxos and the broader blockchain industry.

Educational-Resources

2. Newsletter:

The monthly newsletter from PAXOS is tailored for enterprises, financial institutions, and fintech professionals. By signing up for the newsletter, subscribers gain access to curated content that encapsulates the most recent news in the blockchain and crypto sphere. This resource is designed to keep industry stakeholders well-informed about relevant trends and advancements.

Educational-Resources

Conclusion

In conclusion, PAXOS positions itself as a prominent player in the cryptocurrency space, offering a comprehensive financial ecosystem with diverse crypto services and regulated financial solutions. However, the absence of regulatory oversight raises concerns about safety and transparency, urging users to carefully assess potential risks. While the platform provides a range of stablecoins and engages in tokenization infrastructure, its limited tradable assets compared to regulated counterparts is a notable drawback. Traders considering PAXOS should weigh the advantages of its services against the potential risks associated with operating on an unregulated platform.

FAQs

Q: Is PAXOS a regulated platform?

A: No, PAXOS is not regulated by any recognized financial regulatory authority.

Q: What services does PAXOS provide within its financial ecosystem?

A: PAXOS offers a comprehensive financial ecosystem, including Crypto Brokerage, regulated financial solutions, securities settlement, stablecoin and payments services, tokenization infrastructure, commodities settlement, and the issuance of Paxos-issued assets.

Q: How can users access customer support on PAXOS?

A: Users can access customer support through the support center for existing customers, email for press inquiries (press@paxos.com), and by visiting the careers page for those interested in job opportunities.

Q: What educational resources does PAXOS offer?

A: PAXOS provides educational resources through its blog, covering news and stories, engineering insights, and messages from the CEO. Additionally, users can sign up for a monthly newsletter covering the latest developments in blockchain and crypto.

Q: How can users open an account on PAXOS?

A: To open an account on PAXOS, users can visit the website, click on the “Sign in” button, sign up on the registration page, and follow the provided instructions. New accounts are currently limited to purchasing or redeeming Paxos-issued stablecoins, with exchange trading disabled.

News

SEC intends to sue crypto firm PAXOS over Binance USD token.

ExposureSEC intends to sue crypto firm PAXOS over Binance USD token.

2023-02-13 11:18

The Securities and Exchange Commission (SEC) is planning to sue crypto firm Paxos Trust Co. over the Binance USD token, as the SEC claimed that BUSD is an unregistered security, according to The Wall Street Journal.

WikiFX
2023-02-13 11:18
Exposure
SEC intends to sue crypto firm PAXOS over Binance USD token.

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Tanger
more than one year
Recently, I can't log in to their websites anymore. It's been a hassle trying to get this issue resolved. Hope they fix it soon.
2023-12-22 12:13
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东风破
more than one year
PAXOS’ s official website is self-contradictory and unprofessional, which indicates that this broker is very unreliable. What really annoyed me was that they called me crazily to ask me to make deposits!
2023-02-16 10:12
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