Coinbase settles with New York state financial regulator for $100 million, stock spikes
Publishing timestamp: 2023-01-04 16:17:19
Summary
Coinbase has reached a $100 million settlement with the New York Department of Financial Services over "historical" shortcomings in anti-money laundering and know-your-customer standards. Coinbase will pay a $50 million fine and invest a further $50 million into strengthening internal compliance programs. Shares jumped on the news, spiking over 12%. Coinbase CEO Brian Armstrong has long been pushing for broader and clearer regulations for the crypto space.
Sentiment: POSITIVE
Tickers: COIN,
Keywords: fintech, regulator, coinbase global inc, investment strategy, cryptocurrency, cryptocurrency exchanges, business news, technology, regulatory agencies, new york,