Coinbase accepte un règlement de 100 000 000 $ avec le NYDFS lié aux pratiques AML

Coinbase est présent dans le secteur des actifs numériques depuis plusieurs années. Il a réussi à le faire en cultivant la perception d’être l’un des services les plus fiables, réputés et réglementés de son genre.

While this is mostly true, the exchange has not managed to escape controversy completely.  The most recent example of this comes from the New York Department of Financial Services (NYDFS), which has levied a $100,000,000 amende/règlement against the exchange.

Détails de l’amende

Le règlement est le résultat d’une enquête du NYDFS sur les pratiques antérieures de lutte contre le blanchiment d’argent (AML) utilisées par Coinbase.  L’un des piliers de l’AML est ce que l’on appelle souvent une vérification « know‑your‑client (KYC) ».  Cela implique de recueillir des informations d’identification sur un client, de s’assurer qu’il est bien qui il prétend être, et de fournir un moyen de le retrouver en cas de tentatives futures de blanchiment d’argent ou d’activités illégales similaires.  C’est à ce niveau que Coinbase a failli, n’ayant pas effectué de contrôles d’antécédents KYC adéquats.  Pire encore, on croit que Coinbase était conscient des lacunes du KYC et a poursuivi ses activités comme d’habitude sans en informer les régulateurs compétents ni assurer un suivi continu des comptes affectés.

The following is a breakdown of what exactly Coinbase was charged with.

• Ne pas exercer ses activités de manière dangereuse et insoutenable
• Ne pas maintenir un programme BSA/AML efficace et conforme
• Ne pas signaler correctement un incident de cybersécurité au NYDFS

As stated, the settlement reached between these two parties totals $100M.  Of this, $50M is being treated as a fine, while the other $50M is required to be put towards strengthening the platforms AML procedures moving forward.

The NYDFS stated that despite the ‘egregiousness of the compliance failures’, the willingness of Coinbase to cooperate and amend its practices played a large role in the terms of the settlement.

Réaction du marché

2022 proved to be a rough year for Coinbase, as the exchange saw its shares (COIN) drop precipitously during this time.  While investment funds like the ARK Innovation ETF routinely took advantage of this, purchasing shares for what it believes are at a severely undervalued price, the extended decline had many wondering when COIN would
Now with the announcement of this settlement, it appears as though lingering fears by investors surrounding the future of COIN have somewhat abated.  In the hours after the news broke, COIN is trading roughly 8% higher on the day at time of writing.

Répression à venir

With trillions laundered each year in the United States alone, it is no wonder that settlements like the one discussed here are being reached.  It is much more efficient to prevent crime than to hold each offender accountable.  This means ensuring that platforms like Coinbase boast stringent, thorough measures surrounding AML.

Looking forward, there appears to be a pending crackdown in the making on AML practices in the digital asset sector in the form of the ‘Digital Asset Anti-Money Laundering Act of 2022‘.  While the idea of cracking down on AML may be well-intentioned, many have noted that if passed, the way in which this particular Act is structured will do nothing but increase the chance of recurring events like the FTX fiasco.