Cryptocurrency exchange Coinbase announced an agreement to pay $50 million to resolve a New York investigation into lapses concerning its anti-money laundering and know-your-customer practices.
Monitors display Coinbase signage during its initial public offering at the Nasdaq MarketSite in New York on April 14, 2021.Popular cryptocurrency exchange Coinbase announced an agreement Wednesday to pay $50 million to resolve a New York investigation into lapses concerning its anti-money laundering and know-your-customer practices.
The agency cited two examples of how Coinbase's lapses led to real consequences. In one instance, a former Coinbase customer who had been criminally charged with crimes related to child sexual abuse material conducted suspicious transactions potentially associated with illicit activity on the exchange. Authorities said that activity occurred for more than two years before Coinbase discovered it.
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