Mohammad Ali (@ChaudhryMAli88) Published January 04, 2023 | 09:16 PM
The cryptocurrency exchange platform Coinbase announced on Wednesday that it will pay $50 million in fines for violating US anti-money-laundering laws and will invest an additional $50 million to enhance its compliance program
WASHINGTON (UrduPoint News / Sputnik – 04th January, 2023) The cryptocurrency exchange platform Coinbase announced on Wednesday that it will pay $50 million in fines for violating US anti-money-laundering laws and will invest an additional $50 million to enhance its compliance program.
“Earlier today, the NYDFS announced a consent order that outlines the NYDFS’s concerns from that investigation about our 2018-2019 compliance program and the compliance backlogs that grew alongside our company‘s growth in 2021,” Coinbase said in a press release. “Today’s consent order includes a $50 million penalty. Coinbase has also committed to $50 million in compliance program investments over the next two years.”
Coinbase said in the release that its resolution as a critical step in its commitment for continuous improvement, engagement with key regulators and the push for a greater compliance in the cryptocurrency space.
“We took NYDFS’s concerns seriously and have taken substantial measures to address these historical shortcomings,” the release said.
Earlier on Wednesday, Superintendent of Financial Services Adrienne Harris announced that Coinbase will pay a $50 million penalty to New York State for significant failures in its compliance program that violated the New York Banking Law and the New York State Department of Financial Services’ virtual Currency, money transmitter, transaction monitoring and cybersecurity regulations.
Harris said the 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.
Coinbase went public on the Nasdaq stock exchange via a direct stock listing in April 2021. The platform was briefly valued at $100 billion in its Nasdaq debut, which was a breakthrough for the cryptocurrency industry.
The platform was set up in 2012 to make it easier to buy and sell digital coins in a bid to open up the global financial system and currently serves 108 million users.
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