Cryptocurrency exchange Coinbase agreed to pay $100 million as part of a settlement with the New York State Department of Financial Services (NYDFS) for compliance failures that opened the door for criminals to launder money, traffic drugs, and carry out other illegal activity through the platform.
Coinbase will pay a $50 million penalty to New York and invest another $50 million in its compliance functions over the next two years, the NYDFS announced Wednesday. The platform has about 100 million users globally and has been licensed by the NYDFS since 2017.
