{"id":535052,"date":"2023-01-04T18:15:55","date_gmt":"2023-01-04T15:15:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coinbase-reaches-100m-settlement-with-ny-regulators\/"},"modified":"2023-01-04T18:15:55","modified_gmt":"2023-01-04T15:15:55","slug":"coinbase-reaches-100m-settlement-with-ny-regulators","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coinbase-reaches-100m-settlement-with-ny-regulators\/","title":{"rendered":"# Coinbase reaches $100M settlement with NY regulators"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2f16a0e9051\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2f16a0e9051\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/coinbase-reaches-100m-settlement-with-ny-regulators\/#%E2%80%9D_Coinbase_reaches_100M_settlement_with_NY_regulators_%E2%80%9C\" >&#8221; Coinbase reaches $100M settlement with NY regulators &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Coinbase_reaches_100M_settlement_with_NY_regulators_%E2%80%9C\"><\/span>&#8221; Coinbase reaches $100M settlement with NY regulators &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvNmYxNWFiZmQtM2ViZS00OGU1LTkxMjctYzAwMzA3NzZiN2M2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ed77c39>New York regulators announced on Jan. 4 that cryptocurrency exchange Coinbase will pay a $50 million fine and invest a further $50 million in its compliance program, following a settlement with the New York State Department of Financial Services.\u00a0<\/p>\n<p>The fine was issued after regulators found the company had <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.dfs.ny.gov\/system\/files\/documents\/2023\/01\/ea20230104_coinbase.pdf\">allowed<\/a> customers to open accounts without conducting sufficient background checks, potentially violating Anti-Money Laundering laws. The company\u2019s failure to properly identify customers and monitor their activity for suspicious activity was initially identified during a routine examination in 2020, but regulators determined that the company\u2019s problems persisted, leading to a formal investigation in 2021. <\/p>\n<p>Coinbase faced a backlog of over 100,000 alerts about potentially suspicious customer transactions that were not being examined, and was found to have carried out only basic \u201cKnow Your Customer\u201d checks before allowing people to open accounts.<\/p>\n<p class=\"post-content__disclaimer\">This is a developing story, and further information will be added as it becomes available.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/coinbase-reaches-100m-settlement-with-ny-regulators\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Coinbase reaches $100M settlement with NY regulators &#8220; New York regulators announced on Jan. 4 that cryptocurrency exchange Coinbase will pay a $50 million fine and invest a further $50 million in its compliance program, following a settlement with the New York State Department of Financial Services.\u00a0 The fine was issued after regulators found&#8230;<\/p>\n","protected":false},"author":1,"featured_media":535054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/6f15abfd-3ebe-48e5-9127-c0030776b7c6.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74956,74860,55229,3885,70934],"class_list":["post-535052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-coinbase","tag-cryptocurrency-exchange","tag-law","tag-new-york","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/535052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=535052"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/535052\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/535054"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=535052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=535052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=535052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}