Coinbase reaches a $100 million settlement with New York regulators

ChainCatcher news, according to The New York Times, cryptocurrency exchange platform Coinbase announced a settlement agreement with the New York State Department of Financial Services, agreeing to pay a $50 million fine and committing to invest $50 million to strengthen its compliance program, which is designed to prevent potential wrongdoers from opening accounts in New York State.

Previously, the New York State Department of Financial Services found that Coinbase allowed customers to open accounts without sufficient background checks, claiming that this action violated anti-money laundering laws. (Source link)