The cryptocurrency exchange was not properly vetting users upon signup, leading to criminal activity running unmoderated on the platform.
The $100 million settlement comes as two payments of $50 million each—one is a fine for failing to conduct appropriate background checks on users opening accounts. The other $50 million is an investment in bolstering their compliance program over the next two years.
“Coinbase remains committed to being a leader and role model in the crypto space, and this means partnering with regulators when it comes to compliance and other areas,” said Coinbase Chief Legal Officer Paul Grewal in the company’s press release. “We believe our investment in compliance outpaces every other crypto exchange anywhere in the world, and that our customers can feel safe and protected while using our platforms.
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