Coinbase will pay $100 million in fees after New York state regulators found significant failures in the cryptocurrency's compliance program that made it 'vulnerable to serious criminal conduct.
"Given the significant risks highlighted by recent failures of several large crypto-asset companies, the agencies continue to take a careful and cautious approach related to current or proposed crypto-asset-related activities and exposures at each banking organization," the statement reads.
New York regulators found that failures in the cryptocurrency exchange's compliance program made it"vulnerable to serious criminal conduct, including, among other things, examples of fraud, possible money laundering, suspected child sexual abuse material-related activity, and potential narcotics trafficking.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coinbase stock bounces after $100 million settlement deal with New York financial services regulatorShares of Coinbase Global Inc. bounced 4.1% in morning trading Wednesday, after it was announced that the cryptocurrency exchange agreed to a $100 million...
Read more »
Coinbase to pay $100 mln to settle New York state investigationU.S.-based cryptocurrency exchange Coinbase Global Inc has reached a $100 million settlement with New York's Department of Financial Services (DFS), the exchange and the regulator said in statements on Wednesday.
Read more »
Coinbase to Pay $100 Million in Settlement With New York RegulatorCryptocurrency exchange Coinbase agreed to pay a $50 million penalty to New York state's Department of Financial Services to settle accusations that it allowed customers to open accounts without conducting sufficient background checks. The settlement will also require Coinbase to invest $50 million
Read more »
Coinbase agrees a $100 million settlement with a New York regulator | EngadgetCoinbase will pay a $50 million fine following claims that it wasn't conducting sufficient background checks on customers.
Read more »
Coinbase to pay $100 million to resolve New York investigation of due-diligence lapsesCryptocurrency exchange Coinbase announced an agreement to pay $50 million to resolve a New York investigation into lapses concerning its anti-money laundering and know-your-customer practices.
Read more »
Coinbase Will Pay $100 Million After Regulators Find 'Significant Failures' Heightened Risk Of Criminal ActivityRegulators allege Coinbase 'did the bare minimum' to verify customer information and overlooked information that was 'on its face clearly inaccurate.'
Read more »