As The NYTimes reports, the publicly traded cryptocurrency trading exchange agreed to pay a $50 million fine after financial regulators found that it let customers open accounts without conducting sufficient background checks

Additionally, the settlement with the New York State Department of Financial Services, announced Wednesday, will also require Coinbase to invest $50 million to bolster its compliance program.

The compliance problems at Coinbase were first detected during a routine examination in 2020 after the exchange secured a license to operate in New York in 2017, regulators said.