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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 to NYTimes.

As a result, the cryptocurrency exchange will have to pay a fine of $50 million and invest another $50 million in upgrading its compliance program. This program works towards preventing drug traffickers and other criminals from creating an account on the crypto platform.

(By Priya NV)

Coinbase
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