Coinbase, AML 관행으로 인한 NYDFS와 1억 달러 합의에 동의

Coinbase는 수년간 디지털 자산 분야의 고정된 존재였습니다.  이는 자신을 가장 신뢰할 수 있고, 평판이 좋으며, 규제된 서비스 중 하나라는 인식을 조성함으로써 달성되었습니다.

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 fine/settlement against the exchange.

벌금 세부 사항

The settlement is the result of an investigation by the NYDFS in to past anti-money-laundering (AML) practices used by Coinbase.  One of the pillars of AML is what is often referred to as a ‘know-your-client (KYC)’ check.  These entail gathering identifying information on a client, ensuring they are who they say they are, and providing an avenue for tracking the individual down in the event of future attempts to launder money or partake in similar illegal activity.  It is here the Coinbase dropped the ball, having failed to perform adequate KYC background checks.  Making matters worse, it is believed that Coinbase was aware of the lapses in KYC, and continued business as usual without notifying the appropriate regulators or ensuring continued monitoring of the effected accounts.

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

• 안전하고 건전하지 않은 방식으로 사업을 수행한 것
• 효과적이고 규정을 준수하는 BSA/AML 프로그램을 유지하지 못한 것
• NYDFS에 사이버 보안 사고를 적절히 보고하지 못한 것

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.

시장 반응

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 find its footing.

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.

예정된 단속

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.