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Binance not only failed to surround Binance.com, the exchange's global platform, with sufficient geo-fencing controls, but went as far as to suggest how U.S. users could defeat them, New York's latest action against a local virtual asset service provider, or VASP, indicates. The state's Department of Financial Services, or DFS, alleged in a consent order Thursday that Paxos Trust Company, a multi-service platform that once partnered with Binance, did not vet the exchange sufficiently at any point during their relationship, and failed to notice $1.6 billion of transactions for blacklisted parties, darknet markets and Ponzi schemes as a result. Prior...