Coinbase settles with New York regulators for $100 million -report

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WASHINGTON (Reuters) – U.S.-based cryptocurrency exchange Coinbase (NASDAQ:COIN) Global Inc has reached a $100 million settlement with New York regulators, the New York Times reported on Wednesday.

State financial regulators found the company had allowed customers to “open accounts without conducting sufficient background checks, in violation of anti-money-laundering laws,” prompting a $50 million fine, the Times said. Another $50 million will be required to boost compliance efforts aimed at blocking potential criminals from using the exchange, it reported.