Market Cap: $2,115,884,317,717
24h Vol: $92,931,100,231
Cryptocurrencies: 29363
Markets: 112841
Cryptocurrencies: 29363
Markets: 112841
Market Cap: $2,115,884,317,717     
24h Vol: $92,931,100,231
Seeking Alpha 2023-01-04 14:57:35

Coinbase to pay $50M in settlement with New York financial regulator; stock jumps

Coinbase to pay $50M in settlement with New York financial regulator; stock jumps
Coinbase Global ( NASDAQ: COIN ) has reached a $100M settlement with the New York State Department of Financial Services after the regulator found that the cryptocurrency exchange allowed its users to open accounts without conducting background checks, according to a release dated Wednesday. COIN gapped up 6.6% in early trading. In violating anti-money-laundering rules, the company agreed to pay a $50M fine to the DFS. Another $50M will be required over the next two years to strengthen its compliance program. "These failures made the Coinbase platform vulnerable to serious criminal conduct, including, among other things, examples of fraud, possible money laundering, suspected child sexual abuse material-related activity, and potential narcotics trafficking," the regulator said. Previously, (Dec. 18) Coinbase expects revenue to fall at least 50% from 2021 .
esptco-banner img
Latest News

Videos

  • How To Buy NFTs? Step by Step Guide for Beginners

  • All About Blockchain Secrets | Simply Explained!

  • A Beginner Guide to Web 3.0: Everything You Need to Know About Web 3.0!

  • Bitcoin Cash: What is Bitcoin Cash (BCH)? EXPLAINED!

Our Partners

Hashing Ad Space
Inbound Junction
Magic Logix
Asimi
Crypto Marketing Agency, FINPR
Chainwire