PAX Gold (PAXG)
Summary
PAX Gold (PAXG) is a regulated, gold-backed ERC-20 token issued by Paxos Trust Company, launched in September 2019, where each token represents one fine troy ounce of physical gold stored in Brink's vaults in London. Paxos holds a national trust charter from the U.S. Office of the Comptroller of the Currency (OCC) as of December 2025, and publishes monthly third-party attestation reports via KPMG. The issuing entity, Paxos Trust Company, entered a $48.5 million settlement with the New York Department of Financial Services (NYDFS) in August 2025 over anti-money laundering failures tied to its prior BUSD stablecoin business, which does not directly implicate PAXG but reflects compliance weaknesses at the parent firm.
Connected Entities
1 entities · 10 linked investigations- + 3 more
Timeline(13 events)
2012-01-01
Charles Cascarilla and Rich Teo co-found itBit in Singapore, a regulated Bitcoin exchange focused on institutional clients.
Paxos Blog – How Paxos Came to Be2015-01-01
Paxos (operating as itBit) receives a NYDFS limited purpose trust charter, among the first granted to a virtual currency firm in New York.
Paxos – Wikipedia2016-09-01
itBit is rebranded as Paxos Trust Company.
businessmodelcanvastemplate.com – Brief History of Paxos2018-01-01
Paxos launches Paxos Standard (PAX, later USDP), one of the first NYDFS-approved dollar-backed stablecoins.
Paxos Blog – How Paxos Came to Be2019-09-05
Paxos launches PAX Gold (PAXG) on the Ethereum mainnet as the first NYDFS-approved digital gold token, backed one-to-one by physical gold in Brink's vaults in London.
Paxos Newsroom – Paxos Launches PAX Gold2023-02-03
Paxos discloses receiving a Wells notice from the SEC, in which staff indicated they may recommend an enforcement action alleging BUSD is an unregistered security. Paxos categorically disagrees.
Paxos Issues Statement – Paxos Newsroom2023-02-13
NYDFS orders Paxos to cease minting BUSD. Paxos terminates its relationship with Binance for the branded stablecoin effective February 21, 2023.
Crypto firm Paxos to face SEC charges, ordered to stop minting Binance stablecoin – CNBC2024-07-09
The SEC's acting chief of the Crypto Assets and Cyber Unit confirms in a letter that the Commission will not recommend enforcement action against Paxos over BUSD. The SEC investigation is closed with no charges filed.
SEC Drops Enforcement Action Against Paxos in the BUSD Case – Banking Dive2025-02-28
Paxos transitions its PAXG attestation provider from WithumSmith+Brown, PC to KPMG LLP, effective with reports issued on or after this date, with NYDFS approval.
PAX Gold Transparency Reports – Paxos2025-08-07
Paxos Trust Company enters into a $48.5 million Consent Order with NYDFS resolving AML compliance failures tied to the BUSD stablecoin business: $26.5 million penalty plus $22 million in remediation investment. NYDFS finds Paxos failed to independently verify Binance's compliance controls and allowed approximately $1.6 billion in suspicious transactions to go undetected.
Consent Order – NYDFS v. Paxos Trust Company2025-08-11
Paxos files an application with the OCC to convert its NYDFS trust charter to a national trust charter.
Paxos to Pursue National Trust Charter with the OCC – Paxos Newsroom2025-12-12
OCC approves Paxos's conversion to a national trust charter. Paxos becomes Paxos Trust Company, National Association, under OCC Charter Number 25379, subject to federal OCC supervision.
OCC Approves Paxos Application to Convert to OCC Trust – Paxos Newsroom2026-01-29
PAXG reaches its all-time high price of approximately $5,619, tracking the concurrent rally in gold spot prices.
PAX Gold Price Today – CoinMarketCapDecision Log
- #1publish⛓ pending7/22/2026, 12:14:41 PMhash: Hku8mHyhJ37kx2XWWbQrVvDUaddSXns1s7FN3ZN9TnEF
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 7/22/2026, 12:14:35 PM
last updated: 7/22/2026, 12:14:41 PM
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