When it comes to money laundering, the New York State financial regulator accuses the platform in particular of being lax. Regulation of the cryptocurrency sector is increasing after the fall of FTX.

The state of New York has cracked down on calls from around the world to further regulate the cryptocurrency sector. Indeed, being the second largest cryptocurrency trading platform internationally, Coinbase has admitted having to pay 100 million dollars for not requesting sufficient guarantees from its customers in the framework for the fight against money laundering.

Coinbase will have to pay a $50 million fine to the Department of Services funders of the State of New York, with whom the company has concluded an agreement. In addition, it will have to repay an additional $50 million as part of improving its compliance with American laws governing the sector over the next two years. At the opening of Wall Street on Wednesday, the stock was gaining more than 10%.

En réalité, Coinbase allowed its customers for registering without sufficiently checking their background, even though one of the main criticisms of cryptocurrencies was their use to launder funds. According to the director of financial services for the State of New York, Adrienne Harris in a statement, “Coinbase has failed to implement and maintain a functional compliance program that can keep pace with its growth.” The company treated customer requirements as a “simple exercise to check off”, so this is what it is criticized for.