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Coinbase surges 12.0% on settlement with the New York regulator

6:05 PM 4 January 2023

The US cryptocurrency exchange Coinbase (COIN.US) reached settlement with the New York Department of Financial Services, under which it is forced to pay a $50 million fine for allowing customers to open accounts without complying with the relevant KYC/AML procedures. Additionally company will spend $50 million to improve compliance and support the compliance systems. Investors welcomed this news as the deal removes some regulatory pressure from publicly-listed companies from the crypto sector.  As a result the  Coinbase share price jumped nearly 12% during today's session.

Coinbase (COIN.US) stock fell 86.0% in 2022, however starts new year in more optimistic tone. Source: xStation5
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