Coinbase pays $100 million for anti-money laundering violations and Celsius keeps users’ money

Coinbase has reached a settlement with the New York authorities.
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.

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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).

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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.

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Celsius has received approval from the bankruptcy court to extend the timeline for submitting a Chapter 11 reorganization plan until February 15, 2023.

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“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.

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CRYPTO_ALBERT   

EDITOR-IN-CHIEF AT NEW COIN POST. I HELP PEOPLE TO UNDERSTAND BETTER THE CRYPTOCURRENCY INDUSTRY AND ITS PURPOSES.