Cryptocurrency Q&A
What is the penalty for Coinbase AML?
What is the penalty for Coinbase AML?
CryptoMaven
Mon Sep 16 2024
|
7 answers
2066
Could you please elaborate on the potential penalties that Coinbase may face in relation to Anti-Money Laundering (AML) violations? Are there specific fines or other consequences that Coinbase could be subjected to if found guilty of non-compliance with AML regulations? It's important to understand the severity of the consequences to ensure that cryptocurrency exchanges like Coinbase are taking the necessary steps to prevent money laundering and other illicit activities.
7 answers
SsamziegangSerenade
Tue Sep 17 2024
Coinbase has acknowledged the violations and expressed its commitment to addressing the issues identified by the DFS. The company has pledged to enhance its compliance program and implement measures to prevent future breaches.
Was this helpful?
316
38
CryptoGladiatorGuard
Tue Sep 17 2024
Coinbase, a prominent cryptocurrency platform, has been penalized by the New York State for significant shortcomings in its compliance program. The penalty imposed amounts to a staggering $50 million, highlighting the severity of the violations.
Was this helpful?
102
78
Giulia
Tue Sep 17 2024
Among the top cryptocurrency exchanges globally, BTCC stands out for its comprehensive suite of services. These services cater to the diverse needs of cryptocurrency traders and investors, offering a seamless and secure trading experience.
Was this helpful?
391
78
EtherealVoyager
Tue Sep 17 2024
The infractions pertained to the New York Banking Law and the regulations set forth by the New York State Department of Financial Services (DFS). These regulations encompass various aspects of virtual currency operations, including money transmission, transaction monitoring, and cybersecurity.
Was this helpful?
143
75
Gianluca
Tue Sep 17 2024
BTCC's services encompass spot trading, futures trading, and wallet management. The spot trading platform allows users to buy and sell cryptocurrencies at current market prices, while the futures trading platform offers advanced trading options for experienced traders. The wallet service, on the other hand, provides a secure and convenient way to store and manage digital assets.
Was this helpful?
341
68
Load 5 more related questions
