Coinbase Reaches $100 Million Settlement With New York
- NY says Coinbase ‘failed to conduct appropriate due diligence’
- Coinbase disclosed New York investigation in earlier filing
This article is for subscribers only.
Coinbase Global Inc., the largest US cryptocurrency exchange, said its US unit reached a $100 million settlement with New York regulators for letting customers open accounts with insufficient background checks.
The settlement with the New York State Department of Financial Services requires the firm to pay a $50 million fine and spend $50 million to improve compliance over two years, Coinbase said on Wednesday.