Coinbase fined $50 million over claims it violated anti-money laundering laws

Jan 4 2023 by The Verge

 
Illustration by Alex Castro / The Verge

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...

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