"Coinbase's performance is getting weaker, don't go bankrupt, it's enough."
Cryptocurrency exchange company based in the United States (US), Coinbase has reportedly agreed to pay a fine of $50 million to the New York State Department of Financial Services.
It has been reported that Coinbase has violated anti-money laundering regulations, where the company allows users to register accounts without background checks.
It was reported that the offense was identified after Coinbase successfully obtained its license in New York in 2017.
Earlier after being hit by anti-money laundering laws, Coinbase sought the help of outside consulting services to restructure its operations.
But in 2021, officials began to carry out a more formal and rigorous investigation of Coinbase following the company's operations still saw no change.
This follows because Coinbase should be responsible for knowing the identity of each of its customers in order to be able to track if they do any suspicious activity, but the company still sees the issue one-sidedly.
It is understood that the above has brought awareness to the US crypto exchange investing $50 million to strengthen its compliance program so that risky individuals such as drug dealers or law breakers cannot open their accounts.
In addition to Coinbase, former Chief Executive Officer (CEO), Sam Bankman-Fried and other employees have also been charged with federal crimes.
