Coinbase to Pay Hefty Penalty Fees to New York Lawmakers

Coinbase – one of the largest and most popular digital currency exchanges in the world – has announced it will pay roughly $50 million in settlement fees to New York regulators for allegedly failing to comply with the Empire State’s anti-money laundering laws. Coinbase Allegedly Did Not Comply with Anti-Money Laundering Laws Regulators say that Coinbase has several older accounts that it hasn’t bothered to apply anti-money laundering laws to. There have been several thousand transactions with these accounts over the past four years that raised several red flags that Coinbase has allegedly done nothing about. The company must provide