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Coinbase Stock Rises 12% After $100M US Regulator Settlement

5 January 2023
in Latest News, News
Reading Time: 3 mins read
106 1
Home News Latest News

Coinbase’s stock price rose significantly after it announced a settlement with the New York Department of Financial Services (NYDFS) for $100 million. According to Nasdaq data, Coinbase shares increased by 12.3% to $37.65 at 12:30 p.m. EST. 

The news of the settlement caused the stock, which had fallen 5% the previous day, to surge. However, the company’s trading revenue has decreased by half compared to 2021, making 2022 a challenging year for Coinbase. 

Despite the double-digit increase after the settlement, its stock was down by more than 84% YTD and is currently trading at under $38.  

Coinbase will pay a $50 million fine to New York State for violating the New York Banking Law and the Department of Financial Services (DFS) rules on virtual currencies, money transmitters, transaction monitoring, and cybersecurity due to severe shortcomings in its compliance program. 

As previously announced by the Superintendent of Financial Services Adrienne A. Harris, Coinbase Inc. (“Coinbase”) will pay a $50 million fine to New York State for severe shortcomings in its compliance program that violated the New York Banking Law and the Department of Financial Services (DFS) rules on virtual currencies, money transmitters, transaction monitoring, and cybersecurity.

Since 2017, Coinbase has held a license from the DFS to operate a virtual currency and money-transfer business in New York. The DFS discovered that Coinbase’s Bank Secrecy Act/Anti-Money Laundering program, including its Know Your Customer/Customer Due Diligence (“KYC/CDD”), Transaction Monitoring System (“TMS”), suspicious activity reporting, and sanctions compliance systems, were insufficient for a financial services provider of Coinbase’s size and complexity after an examination and subsequent enforcement investigation. 

Due to these failures, the Coinbase platform was vulnerable to criminal activity such as fraud, potential money laundering, suspected child sexual abuse-related activities, and possibly drug trafficking. 

In addition to paying the fine, Coinbase has committed to investing an additional $50 million in its compliance function over the next two years to address the issues and improve its compliance program, according to a DFS-approved plan. Last week, Coinbase’s stock hit an all-time low of $31.86.

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

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