Coinbase Reaches $100 Million Settlement With New York Regulators for violation of anti-money-laundering laws.
Coinbase Reaches $100 Million Settlement With New York Regulators
The U.S. crypto exchange will pay a $50 million fine for letting customers open accounts with few background checks and spend $50 million to improve compliance.
Jan. 4, 2023
Compliance problems at Coinbase were first detected during a routine examination in 2020, regulators said.Gabby Jones for The New York Times
Coinbase, a publicly traded cryptocurrency trading exchange based in the United States, agreed to pay a $50 million fine after financial regulators found that it let customers open accounts without conducting sufficient background checks, in violation of anti-money-laundering laws.
The settlement with the New York State Department of Financial Services, announced Wednesday, will also require Coinbase to invest $50 million to bolster its compliance program, which is supposed to prevent drug traffickers, sellers of child pornography and other potential lawbreakers from opening accounts with the exchange.
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