Coinbase Stock ( NASDAQ:COIN )
The cryptocurrency exchange Coinbase ( NASDAQ:COIN ), located in the United States, has reached a settlement with the Department of Financial Services (DFS) of the state of New York $100 million , according to comments released on Wednesday by both the exchange and the regulator. Despite that, Coinbase stock surged.
The regulator’s examination into the company’s compliance with obligations to prevent money laundering has been concluded due to the settlement, which includes a penalty of fifty million dollars.
The department determined that Coinbase handled its client onboarding procedures as a “simple check-the-box,” The regulator claimed that the company had not done appropriate background checks.
“Coinbase was unable to construct and keep operational a compliance program capable of keeping up with the company’s rapid expansion.” Because of this mistake, the Coinbase platform was left open to the possibility of being used in illegal conduct, according to the New York DFS Superintendent Adrienne Harris.
According to a statement released by Coinbase’s chief legal officer Paul Grewal, the exchange issues have been resolved.
According to a statement on the business’s blog, Coinbase said that the inquiry focused on the company’s compliance program throughout the years 2018 and 2019, as well as the compliance backlogs that occurred as the exchange expanded in 2021.
According to the statement made in the blog post, “We took NYDFS’s concerns seri...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube