Coinbase will pay a fine of $50 million

The public cryptocurrency platform Coinbase will have to pay a fine of $ 50 million by the decision of the Department of Financial Services of New York. This happened against the background of the fact that the exchange provided an opportunity for consumers to register accounts without the necessary verification of personal data as part of the anti-money laundering program.

In addition to this, Coinbase will need to invest about $50 million to refine its security system, which will hinder the activities of criminals. The company will also be required to comply with the regulatory conditions put forward by the New York State Department of Financial Services.

The cryptocurrency exchange Coinbase faced similar problems back in 2020. Then, during an audit, New York financial regulators discovered problems with the security ecosystem, which is focused on combating money laundering.

Initially, Coinbase agreed to use the services of an independent consultant to reorganize its day-to-day operations and fulfill the requirements set by the AML program. However, this did not solve all the problems and in 2021 regulators initiated an official investigation.

Earlier representatives of the Binance platform reported on the delisting of digital coins on the exchange. Some currency pairs will be removed from the platform. The changes will come into force early in the morning on January 6 this year.

The company’s specialists reported that delisting a number of pairs does not mean that these coins will be permanently removed from the platform. These digital currencies will still be available for trading within other pairs. Binance representatives recommended to all clients to liquidate positions with assets in the near future, which will be delisted.