Coinbase Reaches $100 Million Settlement With New York Regulators – The New York Times

Coinbase, a publicly traded cryptocurrency trading exchange based in the United States, agreed to pay a $50 million fine after financial regulators found that it let customers open accounts without conducting sufficient background checks, in violation of anti-money-laundering laws.

The settlement with the New York State Department of Financial Services, announced Wednesday, will also require Coinbase to invest $50 million to bolster its compliance program, which is supposed to prevent drug traffickers, sellers of child pornography and other potential lawbreakers from opening accounts with the exchange.

Source: Coinbase Reaches $100 Million Settlement With New York Regulators – The New York Times