Why Did Regulators Fine Coinbase $100M?

Yana Afanasieva, founder of Competitive Compliance, discusses everything about the $100 million settlement over Coinbase's failure in its compliance program.

Coinbase settled a case with New York's state financial regulator, the New York Department of Financial Services, and agreed to pay a $50 million fine and invest an additional $50 million in compliance efforts. Regulators from the NYDFS stated that the company had longstanding failures in its anti-money laundering program.

Yana Afanasieva, founder of Competitive Compliance, reached out to me after the settlement to discuss everything about the Coinbase compliance program, and also compliance in the industry as a whole.

The narrative that Coinbase was not doing enough in terms of compliance and not dedicating enough resources is wrong, according to Yana.