Coinbase Reaches $100 Million Settlement With New York (1)

Coinbase Global Inc., the largest US cryptocurrency exchange, said its US unit reached a $100 million settlement with New York regulators for letting customers open accounts with insufficient background checks.

The settlement with the New York State Department of Financial Services requires the firm to pay a $50 million fine and spend $50 million to improve compliance over two years, Coinbase said on Wednesday.

“Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth,” Adrienne A. Harris, New York’s superintendent of financial services, said in a statement. During the relevant period, Coinbase ...