Washington — US-based cryptocurrency exchange Coinbase Global has reached a $100m settlement with New York’s department of financial services, the exchange and the regulator said in statements on Wednesday.
The department found Coinbase treated its onboarding requirements for customers as a “simple check-the-box” measure and had not done sufficient background checks, the regulator said. The exchange had addressed the problems, said Paul Grewal, Coinbase’s chief legal officer, in a statement.
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