Jan 2023: A settlement between Coinbase and the New York Department of Financial Services found that the exchange's anti-money laundering program did not keep up with customer growth. As a result, Coinbase will pay $100 million in fines and invest an additional $50 million in its compliance department. The failures in its program were highlighted by a major theft incident where a user stole $150 million and the company was unaware for six days. To address these concerns, Coinbase has hired an independent monitor but the NYDFS is not fully satisfied. The company's shares have seen a 6% increase in trading.
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Coinbase Under Fire: How a Major Exchange…
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Jan 2023: A settlement between Coinbase and the New York Department of Financial Services found that the exchange's anti-money laundering program did not keep up with customer growth. As a result, Coinbase will pay $100 million in fines and invest an additional $50 million in its compliance department. The failures in its program were highlighted by a major theft incident where a user stole $150 million and the company was unaware for six days. To address these concerns, Coinbase has hired an independent monitor but the NYDFS is not fully satisfied. The company's shares have seen a 6% increase in trading.