The New York State Department of Financial Services (NYDFS) has initiated an investigation into cryptocurrency exchange platform Coinbase relating to its compliance program, Coinbase Global disclosed in its annual report Friday.

The NYDFS’s investigation is focused on the company’s “compliance with the Bank Secrecy Act and sanctions laws, cybersecurity, and customer support,” Coinbase stated.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...