Coinbase Reaches $100M Settlement With New York Regulator

Coinbase announced it has reached a $100 million settlement with the New York State Department of Financial Services to settle charges that it let users open accounts without conducting sufficient background checks.

According to the settlement, Coinbase will pay a $50 million fine and spend $50 million to improve compliance over two years.

After the settlement was announced, shares of Coinbase jumped more than 12% to over $37.