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Cryptocurrencies: 28439
Markets: 119810
Market Cap: $2,590,388,832,433     
24h Vol: $182,779,423,731
Seeking Alpha 2023-01-04 14:57:35

Coinbase to pay $50M in settlement with New York financial regulator; stock jumps

Coinbase to pay $50M in settlement with New York financial regulator; stock jumps
Coinbase Global ( NASDAQ: COIN ) has reached a $100M settlement with the New York State Department of Financial Services after the regulator found that the cryptocurrency exchange allowed its users to open accounts without conducting background checks, according to a release dated Wednesday. COIN gapped up 6.6% in early trading. In violating anti-money-laundering rules, the company agreed to pay a $50M fine to the DFS. Another $50M will be required over the next two years to strengthen its compliance program. "These failures made the Coinbase platform vulnerable to serious criminal conduct, including, among other things, examples of fraud, possible money laundering, suspected child sexual abuse material-related activity, and potential narcotics trafficking," the regulator said. Previously, (Dec. 18) Coinbase expects revenue to fall at least 50% from 2021 .
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