NEW YORK — New York revealed a $100 million settlement with Coinbase on Wednesday over what state authorities called considerable failures in the cryptocurrency trading platform’s systems for identifying prospective criminal activity.
According to the state Department of Financial Services, Coinbase’s anti-money-laundering program and its system for tracking deals for suspicious activity were insufficient for a business of Coinbase’s size and intricacy. The department stated that the volume of informs produced by Coinbase’s deal tracking system grew so quickly that reports of suspicious activity were often submitted months after the suspicious activity was veryfirst recognized to Coinbase.
“It is important that all monetary institut