Coinbase, a publicly traded US-based cryptocurrency trading exchange, has agreed to pay a $50 million penalty to the New York State Department of Financial Services for failing to conduct adequate background checks on customers in violation of anti-money laundering laws, ReutersThe settlement also requires the company to invest an additional $50 million in order to strengthen its compliance program and prevent criminals from opening accounts with the exchange.
This settlement will require Coinbase to work with the monitor for another year in order improve its compliance system. Coinbase‘s stock took a massive hit last year due to the double whammy of falling crypto prices and the FTX drama.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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