Coinbase has agreed to pay a $100 million settlement with the New York Department of Financial Services (NYDFS), according to a consent order signed by the NYDFS superintendent Adrienne Harris on Jan. 4, 2023. New York’s financial regulator said compliance problems were detected and the exchange’s anti-money laundering controls were inadequate from 2020 through 2021.
New York Regulator Fines Coinbase $100 Million for Anti-Money Laundering Compliance Issues
The crypto exchange and custodial firm Coinbase (Nasdaq: COIN) has agreed to a $100 million settlement with New York’s top financial regulator NYDFS for failing to enact proper anti-money laundering controls in 2020 and 2021. Coinbase has agreed to pay a $50 million fine and another $50 million will go towards applying necessary anti-money laundering (AML) background checks.
“Coinbase lacked sufficient personnel, resources, and tools needed to keep up with these alerts, and backlogs rapidly grew to unmanageable levels,” the
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