Coinbase Global, Inc.

The New York State Department of Financial Services announced a $100 million settlement with Coinbase in January 2023 after finding significant failures in the cryptocurrency platform's compliance program. DFS found that Coinbase conducted business in an unsafe and unsound manner and failed to maintain an effective Bank Secrecy Act and anti-money-laundering program. The regulator also found failures in transaction monitoring and in reporting a cybersecurity incident as required. Under the consent order, Coinbase agreed to pay a $50 million civil monetary penalty and invest an additional $50 million in its compliance function under conditions approved by DFS. Primary sources: New York DFS consent order: https://www.dfs.ny.gov/system/files/documents/2023/01/ea20230104_coinbase.pdf New York DFS press release: https://www.dfs.ny.gov/press-room