Coinbase to pay fine to New York regulators for inadequate KYC checks

Coinbase, a U.S-based cryptocurrency exchange, will be paying a fine to New York regulators. The New York State Department of Financial Services pulled up the firm for letting customers open an account on the platform without proper background checks. This was in violation of the anti-money laundering laws of the region, according toAs a result, the cryptocurrency exchange will have to pay a fine of $50 million and invest another $50 million in upgrading its compliance program.

The exchange did hire an independent consultant to solve the problem, however, to no avail. And, the New York regulator opened a former investigation in 2021. Following this, the regulator stated that the exchange had 100,000 alerts on suspicious transactions that were not properly investigated. The American exchange also had the most basic Know-Your-Customer checks, treating this step as a “simple check-the-box exercise,” according to the regulator.

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