Coinbase pays $100 million for anti-money laundering violations and Celsius keeps users’ money
The cryptocurrency exchange platform to pay a $50 million fine for violating anti-money laundering rules after allowing its customers to open accounts without sufficient controls.
Coinbase also pledges to invest $50 million to strengthen its compliance program, which aims to prevent drug traffickers and child pornography sellers from opening accounts on the platform. The overall payment of $100 million is the latest blow to the cryptocurrency industry after the bankruptcy of FTX (just two days ago Sam Bankman-Fried pleaded not guilty to the charges).
According to the latest news, Celsius owns the cryptocurrencies that customers deposited to Earn Accounts because they gave up legal rights to their funds by using the platform, a U.S. bankruptcy judge ruled. The funds total a whopping $ 4.2 billion.
Celsius has received approval from the bankruptcy court to extend the timeline for submitting a Chapter 11 reorganization plan until February 15, 2023.
“We put our community first” can be read on the official website of the company…. “and also our income” I would add.
Take your cryptocurrencies off exchanges and all these platforms now!! They could be lost forever.
Disclaimer: I am not aware of any third party rights on the images used. I undertake to cite the source if there are any and to adjust the position if requested.
Disclaimer: Trading cryptocurrencies carries a high level of risk and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives and your level of experience. Do Your Own Research. All opinions expressed here are owned by the respective writer and should never be considered as financial advice in any form.
ABOUT THE AUTHOR