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Coinbase agrees to consent order with N.Y. DFS
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Consumer Protection, Government Oversight, Nonbank Financial
Friday, January 13, 2023
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Cryptocurrency exchange Coinbase agreed to a consent order with the New York Department of Financial Services (DFS) after an investigation found “significant failures” in Coinbase’s compliance program which violated the New York Banking Law and DFS regulations.
As part of the consent order, Coinbase agreed to pay $50 million in penalties as well as invest an additional $50 million in its compliance functions over the next two years.
Read on for more details.
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