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Coinbase Reaches $100 Million Settlement With New York Regulators


Coinbase, a publicly traded cryptocurrency trading exchange based in the United States, agreed to pay a $50 million fine after financial regulators found that it let customers open accounts without conducting sufficient background checks, in violation of anti-money-laundering laws.The settlement with the New York State Department of Financial Services, announced Wednesday, will also require Coinbase to invest $50 million to bolster its compliance program, which is supposed to prevent drug traffickers, sellers of child pornography and other potential lawbreakers from opening accounts with the exchange.It’s the latest hit to the once-highflying global cryptocurrency trading business. Several cryptocurrency firms have filed for bankruptcy over the past year — most notably FTX, which was the world’s second-largest crypto exchange before it collaps …

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