Coinbase has been required to pay a fine of $50 million to the New York State Department of Financial services. The exchange was charged for letting users open accounts on the platform without sufficient KYC and background verifications, and that their policies were violating the U.S. anti money laundering laws. Coinbase will also need to invest that same amount over the next two years to revamp and improve its compliance program. The exchange is one of the largest in the U.S., with around 73 million users in the U.S. out of the 108 million worldwide.
Greetings, I go by the name of Flavien - a devoted supporter of cryptocurrency and a tech aficionado who has been keeping track of the developments in the world of blockchain and digital currencies since 2019. The potential of decentralized digital currencies to revolutionize our financial systems has captivated me, and I'm constantly exploring the most recent trends and advancements in this ever-evolving industry. As a content creator for Krypto Channel, my aim is to deliver informative and engaging articles that shed light on all aspects of the crypto world. Whether you're a seasoned investor or simply curious about blockchain technology, I am here to keep you updated on the latest happenings and trends. Being part of this lively and dynamic community is an honor, and I am thrilled to share my passion for cryptocurrency and blockchain with all of you.
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