Coinbase agrees a $100 million settlement with a New York regulator

Stefan Mileschin · 5th January 2023, 08:15

Cryptocurrency exchange Coinbase has agreed a $100 million settlement with the New York State Department of Financial Services (DFS), which accused it of violating regulations related to virtual currency, money transmitting, transaction monitoring and cybersecurity. "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 agency said. The company will pay the state a $50 million fine and invest $50 million to address the issues flagged by the regulator and comply with a DFS-approved plan.

https://www.engadget.com/coinbase-ne...1.html?src=rss

5th January 2023, 08:15	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 153,575	Coinbase agrees a $100 million settlement with a New York regulator Cryptocurrency exchange Coinbase has agreed a $100 million settlement with the New York State Department of Financial Services (DFS), which accused it of violating regulations related to virtual currency, money transmitting, transaction monitoring and cybersecurity. "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 agency said. The company will pay the state a $50 million fine and invest $50 million to address the issues flagged by the regulator and comply with a DFS-approved plan. https://www.engadget.com/coinbase-ne...1.html?src=rss

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