Coinbase allegedly had a 100K backlog of transactions to investigate.
, Coinbase is also required to invest an additional $50 million in its compliance program to help prevent future violations.
New York regulators found that Coinbase had “wide-ranging and long-standing failures” in the company’s anti-money laundering program, potentially putting the platform at risk of “series criminal conduct” involving fraud, money laundering, activity related to child sex abuse material, and drug trafficking.
“Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth”, stating that it’s “always willing to acknowledge where we have fallen short” and that it welcomes “opportunities to improve our programs.” The exchange says it has since built a crypto-focused sanctions compliance tool and made improvements to its transaction monitoring system.
“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,” the company writes. “We believe that New York — and the broader industry — needs more crypto players committed to compliance and working with regulators.”
According to the NYDFS, Coinbase was unable to keep up with the number of alerts from its transaction monitoring system, a tool that’s supposed to detect suspicious activity on the platform. Coinbase allegedly amassed a backlog of over 100,000 alerts, resulting in the company failing to report and investigate suspicious transactions in a timely manner.
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