New York’s Department of Financial Services Superintendent Adrienne Harris on Wednesday announced that the cryptocurrency platform Coinbase will pay a $50 million penalty for compliance failures that violated state law and regulations.
Harris also announced that DFS in early 2022 installed an independent monitor to work with Coinbase on compliance issues. Under the terms of the settlement, the independent monitor will work with Coinbase for another year and Coinbase will invest $50 million in its compliance program pursuant to a plan approved by DFS, Harris said.
