Coinbase—New York regulators fined Coinbase $50 million for failing to prevent money laundering
New York state regulators levied a $50 million fine against Coinbase for failing to build and maintain a functional compliance program to prevent money laundering. Regulators found significant deficiencies in Coinbase's anti-money laundering controls and know-your-customer procedures.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Corporate Governance | -against | primary | -1.00 |
| Overall incident score = | -0.443 | ||
Score = avg(topic contributions) × significance (high ×1.5) × confidence (0.59)× agency (negligent ×0.5)
Evidence (1 signal)
New York regulators fined Coinbase $50 million for failing to prevent money laundering
New York state regulators levied a $50 million fine against Coinbase for failing to build and maintain a functional compliance program to prevent money laundering. Regulators found significant deficiencies in Coinbase's anti-money laundering controls and know-your-customer procedures.