Crypto exchange Coinbase to pay $50 million for violating US anti-money laundering laws

Cryptocurrency exchange Coinbase has been fined $50 million in the United States for violating anti-money laundering laws. The exchange agreed to pay the fine, and will also send a similar amount to strengthen internal control over compliance with the requirements of the law.

The fine was reported by the New York State Department of Financial Services (DFS). According to him, the violations committed by the exchange “left Coinbase vulnerable to serious criminal behavior, including fraud, possible money laundering, as well as alleged activity related to child sexual abuse materials and drug trafficking.”

“In addition to the penalty, Coinbase has agreed to invest an additional $50 million in compliance with (US law.— “b”) over the next two years to correct issues and improve its DFS-approved compliance program,” reads the press releasepublished on the website of the regulator.

media wrotethat in July 2022, the US Securities and Exchange Commission also launched an investigation into Coinbase Global. U.S. authorities suspected a cryptocurrency exchange operator of allowing U.S. citizens to trade in digital assets that were not registered as securities, which is contrary to U.S. law.

Laura Keffer