DFS Fines Coinbase

Compliance into the Weeds

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt and I take a look at the recent NY state Department of Financial Services sanction involving the crypto trading platform Coinbase, which just agreed to pay $50 million to the DFS and to spend another $50 million over the next two years to improve its compliance program. Some of the highlights include:

· What was the fine and associated spending for?

· What did the Coinbase compliance program fail on?

· How did Coinbase’s explosive growth fuel a culture of non-compliance.

· How did Coinbase fall further and further behind?

· Why and how did the Coinbase solution worsen the problem?

· Why does a company need to start with solid foundation of clearly defined procedures?

· What is the role of an effective and efficient technology?

· What are the lessons learned?

Resources

Matt Kelly in Radical Compliance

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