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Coinbase to Pay $100M to Settle NYDFS Lawsuit This came to li | ERC20 Official Crypto channel

Coinbase to Pay $100M to Settle NYDFS Lawsuit

This came to light in a consent-based injunction signed Jan. 4 by New York State Department of Financial Services (NYDFS) superintendent Adrienne Harris. Earlier, the regulator accused the marketplace Coinbase of failing to take proper anti-money laundering measures in 2020 and 2021.

The document states that Coinbase's non-compliance with anti-money laundering (AML) regulations is due to a lack of staff, resources and tools. As a result, by the end of 2021, the number of pending suspicious transaction monitoring alerts exceeded 100,000.

To settle the NYDFS lawsuit, Coinbase will pay a $50 million fine. The remaining $50 million will be used to conduct AML compliance reviews. Coinbase management said that the additional funding will be an important step in the exchange's journey to improve its business processes.