Reported by: Tory Newmyer

Coinbase, the largest U.S.-based cryptocurrency trading exchange, will pay a $50 million fine to settle allegations from New York regulators that it broke the law by failing to adequately guard against money laundering on its platform.

The company will spend an additional $50 million over the next two years beefing up its compliance program to address the “significant failures” identified by the New York Department of Financial Services, the state agency said Wednesday.

“Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth,” Adrienne A. Harris, New York’s superintendent of financial services, said in a statement. “That failure exposed the Coinbase platform to potential criminal activity requiring the Department to take immediate action.”

Read full report: https://www.washingtonpost.com/business/2023/01/04/coinbase-crypto-fine/