Coinbase Reaches $100 Million Settlement With US Regulators

Coinbase Reaches $100 Million Settlement , With US Regulators.

'The Guardian' reports that the settlement was made with the NY Department of Financial Services (DFS) on Jan.

4.

Financial regulators found the cryptocurrency exchange to be in violation of anti-money laundering laws since it didn't properly conduct background checks.

Financial regulators found the cryptocurrency exchange to be in violation of anti-money laundering laws since it didn't properly conduct background checks.

Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth.

That failure exposed the Coinbase platform to potential criminal activity, Adrienne Harris, New York DFS superintendent, via statement.

The settlement includes a $50 million fine.

.

The remaining $50 million will be spent on improving Coinbase's compliance program.

Coinbase issued a statement via a blog post.

We took NYDFS’s concerns seriously and have taken substantial measures to address these historical shortcomings, Coinbase, via blog post.

We view this resolution as a critical step in our commitment to continuous improvement, our engagement with key regulators, and our push for greater compliance in the crypto space – for ourselves and others, Coinbase, via blog post.

Coinbase remains one of the largest crypto exchanges in the world.

Coinbase remains one of the largest crypto exchanges in the world