Coinbase Settles With New York State Financial Regulator for $100 Million, Stock Spikes
Headline from NBC10 Philadelphia
Crypto exchange Coinbase will pay a $50 million fine and invest another $50 million into compliance efforts after a settlement with New York state regulators.
NBC10 Philadelphia's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Crypto exchange Coinbase will pay a $50 million fine and invest another $50 million into compliance efforts after a settlement with New York state regulators.
Coinbase will pay the New York State Department of Financial Services $50 million to settle charges it failed to conduct proper background checks on new user accounts and another $50 to bolster its compliance program.
The U.S. crypto exchange will pay a $50 million fine for letting customers open accounts with few background checks and spend $50 million to improve compliance.
U.S. crypto exchange Coinbase has reached a $100 million settlement with New York State's Department of Financial Services, requiring it to pay a fine and invest in compliance.
A review found that the exchange's compliance program violated state laws, making it "vulnerable to serious criminal conduct." It will pay a $50 million fine and spend the rest beefing up oversight.
