Audit log

Every state-changing event for PAX Gold (PAXG): moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-07-22 12:14:41Z
   Score: ? → ? (no score change)
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   ●mainnet-betaslot 443,501,347

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   2CpUNkAxLPKK…DEgsu2zQcopyexplorer ↗

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   {"actor":"system:backfill","investigation_id":"14e3e40f-1c66-42d6-9bfd-64c1a5dad571","kind":"publish","page_slug":"pax-gold-paxg","published_at":"2026-07-22T12:14:41.084Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"PAX Gold (PAXG)","sections":[{"content":"PAX Gold (ticker: PAXG) was launched by Paxos Trust Company on September 5, 2019, as what the company describes as the first regulated crypto asset redeemable for physical gold. Each PAXG token is pegged one-to-one to one fine troy ounce of a 400-troy-ounce London Good Delivery gold bar stored in Brink's vault facilities in London, United Kingdom. The token operates as an ERC-20 smart contract on the Ethereum blockchain. As of July 2026, PAXG has an approximate market capitalization of $1.85 billion and a circulating supply of approximately 448,000–480,000 tokens (sources vary slightly due to continuous minting and redemption activity), placing it among the top 50 crypto assets by market cap on CoinGecko. PAXG trades at a price closely tracking the London spot price of gold. The token was approved for issuance by the New York State Department of Financial Services (NYDFS) at launch, representing the first NYDFS-approved digital gold product.","heading":"Overview and Product Structure","severity":"low","sources":[{"credibility":2,"name":"Paxos Launches PAX Gold: Physical Gold on the Blockchain (PR Newswire)","type":"news_article","url":"https://www.prnewswire.com/news-releases/paxos-launches-pax-gold-physical-gold-on-the-blockchain-300911979.html"},{"credibility":1,"name":"PAX Gold (PAXG) – Paxos Official Product Page","type":"official","url":"https://www.paxos.com/pax-gold"},{"credibility":2,"name":"PAX Gold Price and Market Cap – CoinGecko","type":"other","url":"https://www.coingecko.com/en/coins/pax-gold"}]},{"content":"Paxos Trust Company was co-founded in 2012 by Charles Cascarilla and Rich Teo, initially operating as itBit, a regulated Bitcoin exchange focused on institutional clients. The company was rebranded as Paxos in September 2016 after receiving a NYDFS limited purpose trust charter in 2015, which was among the first granted to a virtual currency firm in New York. Charles Cascarilla, who serves as CEO, holds a BBA and Finance degree from the University of Notre Dame and previously worked at Goldman Sachs and ran hedge fund Cedar Hill Capital. Paxos launched PAX Standard (now USDP), one of the first regulated dollar-backed stablecoins, in 2018. In addition to PAXG, the firm issues Pax Dollar (USDP), PayPal USD (PYUSD), and Global Dollar (USDG). On December 12, 2025, Paxos converted its NYDFS limited purpose trust charter to a national trust charter under the supervision of the U.S. Office of the Comptroller of the Currency (OCC), becoming Paxos Trust Company, National Association (OCC Charter Number 25379). The bank does not accept deposits and is not FDIC-insured.","heading":"Issuer Background: Paxos Trust Company","severity":"low","sources":[{"credibility":1,"name":"OCC Approves Paxos Application to Convert to OCC Trust – Paxos Newsroom","type":"official","url":"https://www.paxos.com/newsroom/occ-approves-paxos-application-to-convert-to-occ-trust-paxos-to-complete-conversion-imminently-to-become-a-federally-regulated-blockchain-infrastructure-provider"},{"credibility":1,"name":"OCC Green-Lights Circle, Ripple, Paxos for National Trust Bank Charters – Banking Dive","type":"news_article","url":"https://www.bankingdive.com/news/occ-national-trust-bank-charter-approve-circle-paxos-ripple-bitgo-gould-crypto/807799/"},{"credibility":1,"name":"Charles Cascarilla Biography – House Financial Services Committee","type":"regulatory","url":"https://docs.house.gov/meetings/BA/BA00/20250311/117994/HHRG-119-BA00-Bio-CascarillaC-20250311.pdf"},{"credibility":2,"name":"How Paxos Came to Be – Paxos Blog","type":"official","url":"https://www.paxos.com/blog/how-paxos-came-to-be-why-our-mission-is-to-build-a-new-open-financial-system"}]},{"content":"Paxos publishes monthly third-party attestation reports for PAXG verifying that the quantity of physical gold held in custody equals or exceeds the number of PAXG tokens in circulation. Attestation reports published on or after February 28, 2025, are issued by KPMG LLP, a Big Four accounting firm, pursuant to attestation standards established by the American Institute of Certified Public Accountants (AICPA). Prior to that date, attestations were issued by WithumSmith+Brown, PC. KPMG's appointment was approved by the NYDFS. The gold is stored in Brink's vault facilities in London and must meet the London Bullion Market Association (LBMA) London Good Delivery standard. These reports are publicly available on Paxos's transparency page. No attestation has identified a shortfall in gold reserves since the token's September 2019 launch. Holders of 430 or more PAXG tokens are eligible to request physical delivery of a London Good Delivery gold bar, with delivery to LBMA-accredited vaults in the United Kingdom only. Holders of fewer tokens may access smaller denomination redemption through a partnership with Alpha Bullion.","heading":"Reserve Backing and Attestations","severity":"low","sources":[{"credibility":1,"name":"PAX Gold Transparency Reports – Paxos","type":"official","url":"https://www.paxos.com/paxg-transparency"},{"credibility":2,"name":"PAXG Audit Review: How to Verify Your Gold-Backed Assets – Xgram","type":"research","url":"https://xgram.io/blog/how-to-verify-your-gold-backed-assets"}]},{"content":"On August 7, 2025, Paxos Trust Company entered into a Consent Order with the NYDFS resolving an enforcement action arising from alleged material deficiencies in its anti-money laundering (AML) compliance program. The settlement totaled $48.5 million: a $26.5 million civil monetary penalty payable to New York State and a $22 million commitment to remediate compliance infrastructure over the period 2025 to 2027. The violations related specifically to Paxos's role as issuer of Binance USD (BUSD), a dollar-backed stablecoin issued in partnership with Binance Holdings Limited, between 2019 and 2023. According to the NYDFS, Paxos failed to maintain an effective AML program in violation of 3 NYCRR Section 116.2, failed to maintain an effective transaction monitoring program in violation of 23 NYCRR Section 504.3, and failed to conduct business in a safe and sound manner under New York Banking Law Section 44. Key findings include: Paxos failed to independently verify Binance's geofencing controls designed to block U.S. users, instead relying on representations from Binance's Chief Compliance Officer; Binance had publicly directed users to use VPNs to circumvent those controls since April 2019; and approximately $1.6 billion in transactions involving alleged illicit actors or OFAC-sanctioned entities went undetected. The NYDFS settlement does not directly cite PAXG or the gold custody program; it is scoped to the BUSD stablecoin business. Legal commentators at Cozen O'Connor noted the settlement sets a precedent for state-level oversight of crypto compliance programs.","heading":"Regulatory Actions: NYDFS AML Settlement (2025)","severity":"high","sources":[{"credibility":1,"name":"Consent Order – NYDFS v. Paxos Trust Company (August 7, 2025)","type":"regulatory","url":"https://www.dfs.ny.gov/system/files/documents/2025/08/ea20250807-co-paxos-trust-co.pdf"},{"credibility":1,"name":"NYDFS Reaches $48.5 Million Settlement with Paxos Trust Company – Willkie Compliance Concourse","type":"news_article","url":"https://complianceconcourse.willkie.com/articles/nydfs-reaches-48-5-million-settlement-with-paxos-trust-company-to-resolve-aml-deficiencies/"},{"credibility":1,"name":"Paxos Fined $48.5M Over AML and Binance Oversight Failures – American Banker","type":"news_article","url":"https://www.americanbanker.com/news/paxos-fined-48-5m-over-aml-and-binance-oversight-failures"},{"credibility":2,"name":"Cozen O'Connor: Paxos Settlement Sets Precedent for State Oversight of Crypto","type":"research","url":"https://www.cozen.com/news-resources/publications/2025/paxos-settlement-sets-precedent-for-state-oversight-of-crypto"},{"credibility":2,"name":"Paxos Settles with NYDFS for $48M Over Binance and AML Violations – CryptoPotato","type":"news_article","url":"https://cryptopotato.com/paxos-settles-with-nydfs-for-48m-over-binance-and-aml-violations/"}]},{"content":"In February 2023, Paxos disclosed that it had received a Wells notice from the U.S. Securities and Exchange Commission (SEC) in which staff indicated they were considering recommending an enforcement action alleging that BUSD constituted an unregistered security under federal securities laws. Paxos stated it categorically disagreed with this characterization and was prepared to litigate if necessary. On February 21, 2023, Paxos ceased minting BUSD following the separate NYDFS order. The Wells notice pertained solely to BUSD and made no allegations regarding PAXG or other Paxos products. In July 2024, the SEC's acting chief of the Crypto Assets and Cyber Unit, Jorge Tenreiro, sent a letter to Paxos confirming that the Commission staff would not recommend an enforcement action against Paxos in connection with BUSD. No charges were filed.","heading":"SEC Investigation: BUSD Wells Notice (2023) and Resolution (2024)","severity":"medium","sources":[{"credibility":1,"name":"Paxos Issues Statement (Wells Notice) – Paxos Newsroom","type":"official","url":"https://paxos.com/2023/02/13/paxos-issues-statement/"},{"credibility":1,"name":"Paxos Prevails in SEC Investigation of BUSD – Paxos Newsroom","type":"official","url":"https://www.paxos.com/newsroom/paxos-prevails-in-sec-investigation-of-busd-stablecoin-and-sec-will-not-pursue-enforcement-action"},{"credibility":1,"name":"SEC Drops Enforcement Action Against Paxos in the BUSD Case – Banking Dive","type":"news_article","url":"https://www.bankingdive.com/news/sec-drops-enforcement-action-against-paxos-in-the-busd-case/721649/"},{"credibility":1,"name":"Paxos Categorically Disagrees With SEC That BUSD Is a Security – CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2023/02/13/paxos-categorically-disagrees-with-sec-that-busd-is-a-security-says-it-will-litigate-if-needed"}]},{"content":"PAXG is implemented as an ERC-20 smart contract on the Ethereum mainnet. According to available sources, the contract underwent third-party security audits prior to its September 2019 launch, including review by ChainSecurity and CertiK. No successful exploit, hack, or material smart contract vulnerability in the PAXG contract has been publicly documented since launch. The contract includes a centralized admin key held by Paxos that enables token freezing and seizure under legal order, consistent with its regulated trust company status. Standard ERC-20 token transfer fees of 0.02% apply in addition to Ethereum network gas costs. On-chain transaction fees are a notable distinction from competitor XAUT, which charges no on-chain transfer fees.","heading":"Smart Contract Security","severity":"low","sources":[{"credibility":2,"name":"Is PAX Gold (PAXG) Safe? Complete Security and Risk Analysis – Bitget Academy","type":"research","url":"https://www.bitget.com/academy/is-pax-gold-safe"},{"credibility":2,"name":"PAXG vs XAUT: How the Two Gold Tokens Compare – Glider","type":"research","url":"https://blog.glider.fi/paxg-vs-xaut/"}]},{"content":"As a centralized, custodial asset, PAXG introduces counterparty risk that does not exist with physical gold held in personal possession. Token holders rely on Paxos Trust Company's operational continuity, financial solvency, and ongoing regulatory compliance. Paxos maintains discretionary authority over the smart contract, including the ability to freeze or seize tokens by regulatory or legal order. Physical gold redemption requires holding a minimum of 430 PAXG tokens (approximately $1.76 million at mid-2026 prices), creating a barrier to direct physical settlement for most retail participants. Paxos does not charge annual storage or custody fees for PAXG, which is a structural advantage over physically held gold ETFs, but a 0.02% on-chain transfer fee applies to every token transfer. The NYDFS AML settlement (see separate section) highlights systemic compliance weaknesses within Paxos, which, while not directly tied to the gold custody program, represents a risk factor for the overall custodian. Paxos is unavailable to EU-based customers under current product terms. XAUT (issued by Tether's subsidiary TG Commodities) is the primary competitor; XAUT is unavailable to U.S. persons and is based in Switzerland, presenting a different regulatory risk profile.","heading":"Counterparty and Centralization Risks","severity":"medium","sources":[{"credibility":2,"name":"Pax Gold (PAXG) Investment Guide – Bitget Academy","type":"research","url":"https://www.bitget.com/academy/pax-gold-paxg-guide"},{"credibility":2,"name":"XAUT vs PAXG: Which Tokenized Gold Should You Hold in 2026? – Perfolio","type":"research","url":"https://perfolio.ai/blog/xaut-vs-paxg-comparison-2026"},{"credibility":2,"name":"PAXG vs Physical Gold: Which Wins in 2026? – EarnPark","type":"research","url":"https://earnpark.com/en/posts/paxg-vs-physical-gold-which-wins-in-2026/"}]},{"content":"PAXG and Tether Gold (XAUT) together account for an estimated 87–90% of the tokenized gold market. As of mid-2026, PAXG holds a market capitalization of approximately $1.85 billion and XAUT approximately $2.2–2.3 billion, placing the combined tokenized gold sector at roughly $4 billion. PAXG's all-time high price of approximately $5,619 was recorded on January 29, 2026, reflecting the broader rally in gold spot prices. PAXG is listed on major exchanges including Coinbase, Binance, Gemini, and Kraken, and is available to U.S. retail investors, which distinguishes it from XAUT. Gold-backed PAXG tokens spiked 13.4% in April 2024 amid geopolitical tensions in the Middle East, demonstrating a correlation with physical gold price movements during risk-off episodes.","heading":"Market Position and Competitive Landscape","severity":"low","sources":[{"credibility":1,"name":"Gold-Backed PAXG Token Spikes to $2.9K Amid Geopolitical Tensions – CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2024/04/14/gold-backed-paxg-token-spikes-to-29k-amid-geopolitical-tensions"},{"credibility":2,"name":"Best Gold-Backed Tokens 2026: PAXG, XAUT and Emerging Alternatives – Baltex Exchange","type":"research","url":"https://baltex.io/blog/ecosystem/best-gold-backed-tokens-2026-paxg-xaut-alternatives"},{"credibility":2,"name":"What Is Tokenized Gold? PAXG, XAUT, and Other Gold-Backed Crypto in 2026 – BeInCrypto","type":"news_article","url":"https://beincrypto.com/learn/tokenized-gold/"},{"credibility":2,"name":"PAX Gold Price Today – CoinMarketCap","type":"other","url":"https://coinmarketcap.com/currencies/pax-gold/"}]}],"sources_used":[{"credibility":1,"name":"PAX Gold Product Page – Paxos","type":"official","url":"https://www.paxos.com/pax-gold"},{"credibility":1,"name":"PAX Gold Transparency Reports – Paxos","type":"official","url":"https://www.paxos.com/paxg-transparency"},{"credibility":2,"name":"Paxos Launches PAX Gold: Physical Gold on the Blockchain – PR Newswire","type":"news_article","url":"https://www.prnewswire.com/news-releases/paxos-launches-pax-gold-physical-gold-on-the-blockchain-300911979.html"},{"credibility":1,"name":"Consent Order – NYDFS v. Paxos Trust Company (August 7, 2025)","type":"regulatory","url":"https://www.dfs.ny.gov/system/files/documents/2025/08/ea20250807-co-paxos-trust-co.pdf"},{"credibility":1,"name":"NYDFS Reaches $48.5 Million Settlement – Willkie Compliance Concourse","type":"news_article","url":"https://complianceconcourse.willkie.com/articles/nydfs-reaches-48-5-million-settlement-with-paxos-trust-company-to-resolve-aml-deficiencies/"},{"credibility":1,"name":"Paxos Fined $48.5M Over AML and Binance Oversight Failures – American Banker","type":"news_article","url":"https://www.americanbanker.com/news/paxos-fined-48-5m-over-aml-and-binance-oversight-failures"},{"credibility":1,"name":"OCC Approves Paxos Application to Convert to OCC Trust – Paxos Newsroom","type":"official","url":"https://www.paxos.com/newsroom/occ-approves-paxos-application-to-convert-to-occ-trust-paxos-to-complete-conversion-imminently-to-become-a-federally-regulated-blockchain-infrastructure-provider"},{"credibility":1,"name":"OCC Green-Lights Circle, Ripple, Paxos for National Trust Bank Charters – Banking Dive","type":"news_article","url":"https://www.bankingdive.com/news/occ-national-trust-bank-charter-approve-circle-paxos-ripple-bitgo-gould-crypto/807799/"},{"credibility":1,"name":"Paxos Issues Statement (Wells Notice) – Paxos Newsroom","type":"official","url":"https://paxos.com/2023/02/13/paxos-issues-statement/"},{"credibility":1,"name":"Paxos Prevails in SEC Investigation of BUSD – Paxos Newsroom","type":"official","url":"https://www.paxos.com/newsroom/paxos-prevails-in-sec-investigation-of-busd-stablecoin-and-sec-will-not-pursue-enforcement-action"},{"credibility":1,"name":"SEC Drops Enforcement Action Against Paxos – Banking Dive","type":"news_article","url":"https://www.bankingdive.com/news/sec-drops-enforcement-action-against-paxos-in-the-busd-case/721649/"},{"credibility":1,"name":"Paxos Categorically Disagrees With SEC – CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2023/02/13/paxos-categorically-disagrees-with-sec-that-busd-is-a-security-says-it-will-litigate-if-needed"},{"credibility":1,"name":"Crypto firm Paxos ordered to stop minting Binance stablecoin – CNBC","type":"news_article","url":"https://www.cnbc.com/2023/02/13/paxos-ordered-to-cease-minting-binance-stablecoin-by-new-york-regulator.html"},{"credibility":1,"name":"Gold-Backed PAXG Token Spikes to $2.9K Amid Geopolitical Tensions – CoinDesk","type":"news_article","url":"https://www.coindesk.com/markets/2024/04/14/gold-backed-paxg-token-spikes-to-29k-amid-geopolitical-tensions"},{"credibility":2,"name":"Cozen O'Connor: Paxos Settlement Sets Precedent for State Oversight of Crypto","type":"research","url":"https://www.cozen.com/news-resources/publications/2025/paxos-settlement-sets-precedent-for-state-oversight-of-crypto"},{"credibility":2,"name":"Is PAX Gold (PAXG) Safe? – Bitget Academy","type":"research","url":"https://www.bitget.com/academy/is-pax-gold-safe"},{"credibility":2,"name":"PAXG vs XAUT: How the Two Gold Tokens Compare – Glider","type":"research","url":"https://blog.glider.fi/paxg-vs-xaut/"},{"credibility":2,"name":"What Is Tokenized Gold? PAXG, XAUT, and Other Gold-Backed Crypto in 2026 – BeInCrypto","type":"news_article","url":"https://beincrypto.com/learn/tokenized-gold/"},{"credibility":2,"name":"PAX Gold Price Today – CoinMarketCap","type":"other","url":"https://coinmarketcap.com/currencies/pax-gold/"},{"credibility":1,"name":"Charles Cascarilla Biography – House Financial Services Committee","type":"regulatory","url":"https://docs.house.gov/meetings/BA/BA00/20250311/117994/HHRG-119-BA00-Bio-CascarillaC-20250311.pdf"},{"credibility":2,"name":"NYDFS Settles with Stablecoin Issuer for Alleged Compliance Failures – Morrison Foerster","type":"research","url":"https://www.mofo.com/resources/insights/250812-nydfs-settles-with-stablecoin-issuer"},{"credibility":2,"name":"Paxos Settles with NYDFS for $48M – CryptoPotato","type":"news_article","url":"https://cryptopotato.com/paxos-settles-with-nydfs-for-48m-over-binance-and-aml-violations/"}],"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.","timeline":[{"date":"2012-01-01","event":"Charles Cascarilla and Rich Teo co-found itBit in Singapore, a regulated Bitcoin exchange focused on institutional clients.","source":"Paxos Blog – How Paxos Came to Be","source_url":"https://www.paxos.com/blog/how-paxos-came-to-be-why-our-mission-is-to-build-a-new-open-financial-system"},{"date":"2015-01-01","event":"Paxos (operating as itBit) receives a NYDFS limited purpose trust charter, among the first granted to a virtual currency firm in New York.","source":"Paxos – Wikipedia","source_url":"https://en.wikipedia.org/wiki/Paxos_(company)"},{"date":"2016-09-01","event":"itBit is rebranded as Paxos Trust Company.","source":"businessmodelcanvastemplate.com – Brief History of Paxos","source_url":"https://businessmodelcanvastemplate.com/blogs/brief-history/paxos-brief-history"},{"date":"2018-01-01","event":"Paxos launches Paxos Standard (PAX, later USDP), one of the first NYDFS-approved dollar-backed stablecoins.","source":"Paxos Blog – How Paxos Came to Be","source_url":"https://www.paxos.com/blog/how-paxos-came-to-be-why-our-mission-is-to-build-a-new-open-financial-system"},{"date":"2019-09-05","event":"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.","source":"Paxos Newsroom – Paxos Launches PAX Gold","source_url":"https://www.paxos.com/newsroom/paxos-launches-pax-gold-physical-gold-on-the-blockchain"},{"date":"2023-02-03","event":"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.","source":"Paxos Issues Statement – Paxos Newsroom","source_url":"https://paxos.com/2023/02/13/paxos-issues-statement/"},{"date":"2023-02-13","event":"NYDFS orders Paxos to cease minting BUSD. Paxos terminates its relationship with Binance for the branded stablecoin effective February 21, 2023.","source":"Crypto firm Paxos to face SEC charges, ordered to stop minting Binance stablecoin – CNBC","source_url":"https://www.cnbc.com/2023/02/13/paxos-ordered-to-cease-minting-binance-stablecoin-by-new-york-regulator.html"},{"date":"2024-07-09","event":"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.","source":"SEC Drops Enforcement Action Against Paxos in the BUSD Case – Banking Dive","source_url":"https://www.bankingdive.com/news/sec-drops-enforcement-action-against-paxos-in-the-busd-case/721649/"},{"date":"2025-02-28","event":"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.","source":"PAX Gold Transparency Reports – Paxos","source_url":"https://www.paxos.com/paxg-transparency"},{"date":"2025-08-07","event":"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.","source":"Consent Order – NYDFS v. Paxos Trust Company","source_url":"https://www.dfs.ny.gov/system/files/documents/2025/08/ea20250807-co-paxos-trust-co.pdf"},{"date":"2025-08-11","event":"Paxos files an application with the OCC to convert its NYDFS trust charter to a national trust charter.","source":"Paxos to Pursue National Trust Charter with the OCC – Paxos Newsroom","source_url":"https://www.paxos.com/newsroom/paxos-to-pursue-national-trust-charter-with-the-office-of-the-comptroller-of-the-currency"},{"date":"2025-12-12","event":"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.","source":"OCC Approves Paxos Application to Convert to OCC Trust – Paxos Newsroom","source_url":"https://www.paxos.com/newsroom/occ-approves-paxos-application-to-convert-to-occ-trust-paxos-to-complete-conversion-imminently-to-become-a-federally-regulated-blockchain-infrastructure-provider"},{"date":"2026-01-29","event":"PAXG reaches its all-time high price of approximately $5,619, tracking the concurrent rally in gold spot prices.","source":"PAX Gold Price Today – CoinMarketCap","source_url":"https://coinmarketcap.com/currencies/pax-gold/"}]},"v":1}

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2. #2reviewby reviewerreviewer

   2026-08-27 05:54:37Z
   Score: 72 → 72 (no score change)
   The page correctly reflects Paxos's current OCC-regulated status as of December 2025 (unlike a sibling Paxos-token page reviewed the same day, which was found stale on this exact point) and its NYDFS AML settlement and SEC Wells-notice sections are unusually precise, matching primary-source statutory citations and dollar figures almost exactly. The one clear, repeated factual error is a stale/inverted claim that PAXG charges a 0.02% on-chain transfer fee and that this is a disadvantage versus XAUT; PAXG's own current official page and the article the page itself cites both state the opposite -- PAXG has zero on-chain transfer fees and XAUT is the one with a fee. The page also omits the allocated-gold/serial-number-lookup feature and the bankruptcy-remote custody structure, both of which are verifiable and relevant to the product's core value proposition and risk profile respectively. Several early-history timeline dates use unsourced day-level placeholders, and one (the 2018 Paxos Standard launch date) is off by eight months against Paxos's own primary announcement.
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   verifying row…full verify ↗

   canonical bytes (1431 B) ▸

   {"actor":"reviewer","decided_at":"2026-08-27T05:54:37.460Z","decision":"review","investigation_id":"14e3e40f-1c66-42d6-9bfd-64c1a5dad571","new_score":72,"page_slug":"pax-gold-paxg","prev_score":72,"reason":"The page correctly reflects Paxos's current OCC-regulated status as of December 2025 (unlike a sibling Paxos-token page reviewed the same day, which was found stale on this exact point) and its NYDFS AML settlement and SEC Wells-notice sections are unusually precise, matching primary-source statutory citations and dollar figures almost exactly. The one clear, repeated factual error is a stale/inverted claim that PAXG charges a 0.02% on-chain transfer fee and that this is a disadvantage versus XAUT; PAXG's own current official page and the article the page itself cites both state the opposite -- PAXG has zero on-chain transfer fees and XAUT is the one with a fee. The page also omits the allocated-gold/serial-number-lookup feature and the bankruptcy-remote custody structure, both of which are verifiable and relevant to the product's core value proposition and risk profile respectively. Several early-history timeline dates use unsourced day-level placeholders, and one (the 2018 Paxos Standard launch date) is off by eight months against Paxos's own primary announcement.","score_delta":0,"sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 696eb921-1b80-4bd0-bea9-dd1e46acdb25copy
3. #3review reviseby judgejudge

   2026-08-27 05:54:37Z
   Score: 72 → 62 (-10)
   Computed disputed_pct from claim_findings[] is exactly (3 disputed + 1 unverifiable) / 40 = 0.10, which sits precisely on the boundary between the approve band (0-10%) and the revise band (10-30%); the rules table gives no tie-break for a page landing on the line itself, so this is a judgment call rather than a lookup result. We resolve it toward review_revise for two independent reasons, either of which would settle the case alone: first, at an exact tie we weight toward the more conservative band when the disputed content includes a repeated, directly inverted factual claim rather than a marginal one; second, and decisively regardless of the tie-break, the review flags a high-priority coverage gap (omission of PAXG's allocated-gold/serial-number-lookup feature) which the rules explicitly allow to move a page into review_revise even when disputed_pct alone would not. So the boundary question, while worth stating plainly, does not end up controlling the outcome. On substance: the page states twice (claim_findings[19] and [21]) that PAXG charges a 0.02% on-chain transfer fee and frames this as a disadvantage versus XAUT; the reviewer found this is backwards -- Paxos eliminated that fee in 2024, PAXG currently has zero on-chain transfer fees, and it is XAUT that carries a fee. Notably, the page's own cited source directly contradicts the page's text. This is not treated as severely as a core allegation because it is a technical product-fee detail rather than a claim about fraud, insolvency, or regulatory wrongdoing, but it is repeated and used to draw an unfavorable comparison, so it is not merely cosmetic either. Weighing against this, the page performs unusually well on its most consequential content: it correctly states Paxos's December 2025 conversion to an OCC-regulated national trust (claim_findings[2], [11]), unlike a sibling page reviewed the same day; it never mislabels KPMG's/Withum's attestations as audits (claim_findings[3], [12]); and its NYDFS consent-order section was verified line-by-line against the primary PDF, including exact statutory citations and dollar figures (claim_findings[15]). A timeline date is off by eight months (claim_findings[30], 2018 stablecoin launch) and one citation is dead (claim_findings[18], link_rot), though the page's own source metadata had already flagged that link as unarchivable. One claim (claim_findings[13]) is an unverifiable negative claim spanning years of reports and is treated as a limit of the review method rather than a page defect. Reviewer confidence was 0.8, supporting a firm but moderate correction rather than escalation to denial.
   anchoranchored

   chain

   ●mainnet-betaslot 443,524,210

   sig

   29hgakdD1Ggg…9Kgn9jUBcopyexplorer ↗

   hash

   7rD4kXH2ZT6D…8evjkM8Fcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (2990 B) ▸

   {"actor":"judge","decided_at":"2026-08-27T05:54:37.460Z","decision":"review_revise","investigation_id":"14e3e40f-1c66-42d6-9bfd-64c1a5dad571","new_score":62,"page_slug":"pax-gold-paxg","prev_score":72,"reason":"Computed disputed_pct from claim_findings[] is exactly (3 disputed + 1 unverifiable) / 40 = 0.10, which sits precisely on the boundary between the approve band (0-10%) and the revise band (10-30%); the rules table gives no tie-break for a page landing on the line itself, so this is a judgment call rather than a lookup result. We resolve it toward review_revise for two independent reasons, either of which would settle the case alone: first, at an exact tie we weight toward the more conservative band when the disputed content includes a repeated, directly inverted factual claim rather than a marginal one; second, and decisively regardless of the tie-break, the review flags a high-priority coverage gap (omission of PAXG's allocated-gold/serial-number-lookup feature) which the rules explicitly allow to move a page into review_revise even when disputed_pct alone would not. So the boundary question, while worth stating plainly, does not end up controlling the outcome. On substance: the page states twice (claim_findings[19] and [21]) that PAXG charges a 0.02% on-chain transfer fee and frames this as a disadvantage versus XAUT; the reviewer found this is backwards -- Paxos eliminated that fee in 2024, PAXG currently has zero on-chain transfer fees, and it is XAUT that carries a fee. Notably, the page's own cited source directly contradicts the page's text. This is not treated as severely as a core allegation because it is a technical product-fee detail rather than a claim about fraud, insolvency, or regulatory wrongdoing, but it is repeated and used to draw an unfavorable comparison, so it is not merely cosmetic either. Weighing against this, the page performs unusually well on its most consequential content: it correctly states Paxos's December 2025 conversion to an OCC-regulated national trust (claim_findings[2], [11]), unlike a sibling page reviewed the same day; it never mislabels KPMG's/Withum's attestations as audits (claim_findings[3], [12]); and its NYDFS consent-order section was verified line-by-line against the primary PDF, including exact statutory citations and dollar figures (claim_findings[15]). A timeline date is off by eight months (claim_findings[30], 2018 stablecoin launch) and one citation is dead (claim_findings[18], link_rot), though the page's own source metadata had already flagged that link as unarchivable. One claim (claim_findings[13]) is an unverifiable negative claim spanning years of reports and is treated as a limit of the review method rather than a page defect. Reviewer confidence was 0.8, supporting a firm but moderate correction rather than escalation to denial.","score_delta":-10,"sequence_num":3,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 6f1d8997-9524-4dc2-915c-8cdf12051fc8copy