The New York Department of Financial Services (NYDFS) has officially announced a consent order in which it will engage its efforts in unraveling factors supposedly overlooked in the case of the compliance program Coinbase. The factor included in this consent order is the levy of a penalty amounting to $50 million on Coinbase. 

Reliable sources in Coinbase, in the meanwhile, inform that they are supporting the NYDFS’s investigation in every way possible with regard to their one-of-its-kind compliance program. They also state that they are very much aware of the department’s worries and confusion over the investigations in relation to their 2018-2019 compliance program, along with the compliance backlogs, which seemingly happened to have increased with the growth of the company in the year 2021. They are now absolutely committed to adequately resolving all of the pending issues. 

(By David Cox)