Coinbase fined $50 million over claims it violated anti-money laundering laws
Coinbase has agreed to pay a $50 million penalty to the New York State Department of Financial Services (NYDFS) over allegations that the cryptocurrency exchange broke anti-money laundering laws. As part of the settlement, Coinbase is also required to invest an additional $50 million in its compliance program to help prevent future violations.
New York regulators found that Coinbase had “wide-ranging and long-standing failures” in the company’s anti-money laundering program, potentially putting the platform at risk of “series criminal conduct” involving fraud, money laundering, activity related to child sex abuse material, and drug trafficking.