Coinbase Reaches $100 Million Settlement , With US Regulators.<br />'The Guardian' reports that the settlement was made with the NY Department of Financial Services (DFS) on Jan. 4.<br />Financial regulators found the cryptocurrency exchange <br />to be in violation of anti-money laundering laws since <br />it didn't properly conduct background checks.<br />Financial regulators found the cryptocurrency exchange <br />to be in violation of anti-money laundering laws since <br />it didn't properly conduct background checks.<br />Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth. That failure exposed the Coinbase platform to potential criminal activity, Adrienne Harris, New York DFS superintendent, via statement.<br />The settlement includes a $50 million fine. .<br />The remaining $50 million will be spent on improving Coinbase's compliance program.<br />Coinbase issued a statement via a blog post.<br />We took NYDFS’s concerns seriously and have taken substantial measures to address these historical shortcomings, Coinbase, via blog post.<br />We view this resolution as a critical step in our commitment to continuous improvement, our engagement with key regulators, and our push for greater compliance in the crypto space – for ourselves and others, Coinbase, via blog post.<br />Coinbase remains one of the <br />largest crypto exchanges in the world.<br />Coinbase remains one of the <br />largest crypto exchanges in the world
