Coinbase, one of the nation's top cryptocurrency exchanges by trading volume, has agreed to pay $100 million as part of a settlement with New York regulators who allege the firm violated anti-money-laundering laws by allowing users to open accounts without conducting sufficient background checks—marking the latest instance of heightened scrutiny facing the nascent cryptocurrency industry....
As a result, the exchange's compliance system became"overwhelmed" and amassed a substantial backlog of unreviewed transaction monitoring alerts that exposed the platform to risks of exploitation by criminals and bad actors.
It's curious why regulators never goes after Goldman Sachs.
izakaminska I'm shocked that such a thing could happen.
The mainstream banks and lenders dont even do as many checks as what Coinbase did when I joined. Although I do not live in the US I think they should be checking mainstream banks and online investment companies a lot more as well.
SUCKERS!
What the hell
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