06 Jan

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
The Coinbase logo displayed in Times Square in New York.
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.

ABN Asia provides Stopnow Crypto service, which is the AML service that scans 200+ million fraudulent wallets, and millions of regular bank AML suspects. Furthermore, Stopnow Crypto service also maintains a P2P trading blacklist, to keep traders safe from fraud. Contact ABN Asia today to safeguard your financial business.

AbnAsia.org Software. Faster. Better. More Reliable. +1-669-999-6606 +84-945-924-877 [email protected]
  • Virtual CIO Advisory Service

    Read more
  • Cyber Security Inspection

    Read more
  • AWS Cloud with VAT-invoice

    Read more

Call Now Button