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Coinbase Faces Broad-Ranging Compliance Probe In NY

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By Elise Hansen (February 25, 2022, 5:22 PM EST) — Coinbase is going through an investigation from New York’s Division of Monetary Providers over compliance questions starting from the Financial institution Secrecy Act and cybersecurity to buyer help, the cryptocurrency change mentioned in a regulatory submitting Friday.

Coinbase World Inc. mentioned in its annual report that its subsidiary Coinbase Inc. is going through scrutiny over a variety of compliance issues. Coinbase Inc. holds a New York state “BitLicense,” which was created for digital forex companies and places the corporate’s operations below NYDFS scrutiny.

Coinbase mentioned the investigation pertains to “its compliance program, together with compliance with the Financial institution Secrecy Act and sanctions legal guidelines, cybersecurity, and…

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