Will Coinbase pay a $50 million fine in New York?

As part of the settlement, Coinbase will pay a $50 million fine to the state of New York for "significant failures" in its compliance program that violated banking laws and state regulations, the New York State Department of Financial Services announced Wednesday morning.

What happened to Coinbase in New York?

Coinbase signage in New York’s Times Square during the company’s initial public offering on the Nasdaq on April 14, 2021. Coinbase settled a case with New York’s state financial regulator, the parties announced Wednesday, and will pay a $50 million fine and invest a further $50 million in compliance efforts.

Will Coinbase pay a $50 million fine for letting customers open accounts?

The U.S. crypto exchange will pay a $50 million fine for letting customers open accounts with few background checks and spend $50 million to improve compliance. Compliance problems at Coinbase were first detected during a routine examination in 2020, regulators said. Gabby Jones for The New York Times

Does Coinbase have a $50 million penalty?

The exchange holds licenses across the United States and globally. “This agreement includes a $50 million penalty and a separate commitment from Coinbase to invest $50 million in our compliance program over two years,” Coinbase Chief Legal Officer Paul Grewal said in a statement.