BREAKING: Cryptocurrency exchange Coinbase has reached a $100M settlement with New York regulators.
New York regulators announced on Jan. 4 that cryptocurrency exchange Coinbase will pay a $50 million fine and invest a further $50 million in its compliance program, following a settlement with the New York State Department of Financial Services.customers to open accounts without conducting sufficient background checks, potentially violating Anti-Money Laundering laws.
Coinbase faced a backlog of over 100,000 alerts about potentially suspicious customer transactions that were not being examined, and was found to have carried out only basic “Know Your Customer” checks before allowing people to open accounts.
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