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Coinbase and New York Regulators Reach Major Agreement

NFT, crypto
Published 1 year ago
ID #1985
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Coinbase and New York Regulators Reach Major Agreement
NFT, crypto,
Published 1 year ago

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On January 4, New York regulators announced that cryptocurrency Coinbase will pay a fine of $50 million and invest another $50 million in its compliance program following an agreement with the New York State Department of Financial Services. 

The fine was issued after regulators discovered that the company had allowed its customers to open accounts without conducting sufficient background checks, which could potentially violate anti-money laundering legislation. 

The company's failure to adequately identify customers and monitor their activity for suspicious activity was initially identified during a routine examination in 2020, but regulators determined that the company's issues persisted, leading to a formal investigation in 2021.

Coinbase faced a backlog of over 100,000 alerts about potentially suspicious customer transactions that were not being examined, and it was found that the company had only conducted basic know your customer checks before allowing people to open accounts.

Coinbase New York regulators fine compliance program anti-money laundering customer identification suspicious activity routine examination investigation customer transactions know your customer checks

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Coinbase and New York Regulators Reach Major Agreement
New York Regulators and Coinbase Settle on $100 Million Agreement
Coinbase Agrees to $100 Million Settlement with New York Regulators
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    NFT, crypto
    Coinbase New York Regulators Fine Compliance Program Anti-money