By Joseph Branch in Economics News —

Coinbase to pay $50 million to New York regulator

Coinbase to pay $50 million to New York regulator
Photo by Sasun Bughdaryan / Unsplash

Coinbase Exchange received a $50 million fine from the New York State Department of Financial Services (NYDFS) for violating customer identification procedures.

The dispute with NYDFS relates to violations discovered in 2020 and 2021. At the time, the platform failed to properly verify customer identities and monitor transactions.

The company is obligated to invest another $50 million to improve its verification tools.