Coinbase to pay $100M in settlement with New York regulators

NEW YORK (AP) — New York has announced a $100 million settlement with Coinbase over what state officials called significant failures in the cryptocurrency trading platform’s systems for spotting potential criminal activity. According to the state Department of Financial Services, Coinbase’s anti-money-laundering program and its system for monitoring transactions for suspicious activity were inadequate for a company of Coinbase’s size and complexity. Under the terms of the settlement announced Wednesday, Coinbase will pay $50 million to New York state and will invest another $50 million in its compliance program. Coinbase chief legal officer Paul Grewal says the company has taken substantial measures to address the shortcomings identified by the New York investigation.