“Coinbase settles with New York state financial regulator for $100 million, stock spikes”
January 4, 2023
“Coinbase settled a case with New York’s state financial regulator, the parties announced Wednesday, and will pay a $50 million fine and invest a further $50 million in compliance efforts. Regulators from the New York Department of Financial Services said that the company had longstanding failures in its anti money-laundering program.
Coinbase shares spiked more than 12% on the settlement news. The company is the only publicly traded cryptocurrency exchange in the United States. Coinbase disclosed the regulatory probe in its 202110-K filing with the SEC…”