Violation Tracker Individual Record
: Coinbase Inc.
Current Parent Company
: Coinbase Global Inc.
Parent at the Time of the Penalty AnnouncementPenalty
to see this data field
: January 4, 2023
: financial offenses
: anti-money-laundering deficiencies
: Coinbase, Inc. agreed to pay a $50 million penalty to New York State for significant failures in its compliance program that violated the New York Banking Law and the New York State Department of Financial Services (DFS) virtual currency, money transmitter, transaction monitoring, and cybersecurity regulations. These failures allegedly made the Coinbase platform vulnerable to serious criminal conduct, including, among other things, examples of fraud, possible money laundering, suspected child sexual abuse material-related activity, and potential narcotics trafficking. In addition to the penalty, Coinbase agreed to invest an additional $50 million in its compliance function over the next two years to remediate the issues and to enhance its compliance program pursuant to a plan approved by DFS.
Level of Government
: agency action
: New York Department of Financial Services
Civil or Criminal Case
HQ Country of Current Parent
HQ State of Current Parent
Ownership Structure of Current Parent
: publicly traded
Major Industry of Current Parent
: financial services
Specific Industry of Current Parent
Source of Data
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Current parent company note
: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log