Coinbase Faces Wide-Ranging Compliance Probe In NY

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By Elise Hansen (February 25, 2022, 5:22 PM EST) — Coinbase is facing an investigation from New York’s Department of Financial Services over compliance questions ranging from the Bank Secrecy Act and cybersecurity to customer support, the cryptocurrency exchange said in a regulatory filing Friday.

Coinbase Global Inc. said in its annual report that its subsidiary Coinbase Inc. is facing scrutiny over a range of compliance matters. Coinbase Inc. holds a New York state “BitLicense,” which was created for virtual currency businesses and puts the company’s operations under NYDFS scrutiny.

Coinbase said the investigation relates to “its compliance program, including compliance with the Bank Secrecy Act and sanctions laws, cybersecurity, and…

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