Coinbase, a cryptocurrency trading platform that is publicly traded in the United States, has agreed a $50 million fine to the New York State Department of Financial Services. This comes after it was discovered that the exchange allowed users to register accounts without doing necessary background checks, in violation of anti-money-laundering regulations.
The U.S. exchange will also need to invest $50 million in order to strengthen its compliance program. This is designed to deter drug dealers, child pornographers and other potential lawbreakers opening accounts. Coinbase will have to comply with the terms of the settlement announced Wednesday by the New York State Department of Financial Services.

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