Agreement caps regulator’s investigation into cryptocurrency’s compliance with requirements to prevent money laundering
‘Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth.’‘Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth.’US-based cryptocurrency exchange Coinbase has reached a $100m settlement with New York’s Department of Financial Services , the exchange and the regulator said in statements on Wednesday.
The department found Coinbase treated its onboarding requirements for customers as a “simple check-the-box” and had not done sufficient background checks, the regulator said. The exchange has addressed the problems, said Paul Grewal, Coinbase’s chief legal officer, in a statement., Coinbase said the investigation centered on the company’s compliance program circa 2018 and 2019, as well as the compliance backlogs as the exchange grew in 2021.
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