Cryptocurrency exchange Coinbase has reached a settlement with the New York State Department of Financial Services, agreeing to pay a $50 million fine and committing to invest $50 million to strengthen its compliance program, designed to deter potential lawbreakers, the New York Times reported. Open an account in New York State. A previous investigation by the New York State Department of Financial Services found that Coinbase allowed customers to open accounts without adequate background checks, which it believed violated anti-money laundering laws.