Topline
Coinbase, one of the nation’s top cryptocurrency exchanges by trading volume, has agreed to pay $100 million as part of a settlement with New York regulators who allege the firm violated anti-money-laundering laws by allowing users to open accounts without conducting sufficient background checks—marking the latest instance of heightened scrutiny facing the nascent cryptocurrency industry.
Key Facts
As part of the settlement, Coinbase will pay a $50 million fine to the state of New York for “significant failures” in its compliance program that violated banking laws and state regulations, the New York State Department of Financial Services announced Wednesday morning.
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