U.S. crypto exchange Coinbase has reached a $100 million settlement with New York State's Department of Financial Services, requiring it to pay a fine and invest in compliance.
Brown Rudnick partner Hailey Lennon discusses the possible regulatory holes brought to light by FTX's collapse and lawmakers' push for increased crypto regulations.
"It is critical that all financial institutions safeguard their systems from bad actors, and the Department’s expectations with respect to consumer protection, cybersecurity, and anti-money laundering programs are just as stringent for cryptocurrency companies as they are for traditional financial services institutions," DFS Superintendent Adrienne Harris said in a statement.
The announcement noted that Coinbase "has begun to remediate many of the referenced issues and build a more effective and robust compliance program" under the supervision of the department and its independent monitor.
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