to employees. Meanwhile, the latest"bomb cyclone" has come and gone, but plenty of business news is still blowing around the Bay Area. Here's what's in air this morning. agreed to pay a $50 million fine after financial regulators found that it violated anti-money-laundering laws by letting customers open accounts without sufficient background checks.
The settlement with the New York State Department of Financial Services, announced Wednesday, will also require Coinbase to invest another $50 million in the state's compliance function over the next two years to remediate the issues and to enhance its compliance program. “Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth," said New York Superintendent of Financial Services Adrienne A. Harris.
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