WASHINGTON (Reuters) -U.S.-based cryptocurrency alternate Coinbase (NASDAQ:) World Inc has reached a $100 million settlement with New York’s Division of Monetary Providers (DFS), the alternate and the regulator stated in statements on Wednesday.

The settlement, which features a $50-million penalty, caps the regulator’s investigation into the agency’s compliance with necessities to forestall cash laundering.

DFS discovered Coinbase handled its onboarding necessities for patrons as a “easy check-the-box” and had not performed ample background checks, DFS stated in an announcement.

The agency has taken “substantial measures” to handle what it known as “historic shortcomings,” Paul Grewal, Coinbase’s chief authorized officer, stated in an announcement.

Coinbase pays one other $50 million to spice up compliance efforts geared toward blocking potential criminals from utilizing the alternate, it stated. The deal additionally requires Coinbase to work with a third-party monitor.

The New York Instances first reported the settlement.

Coinbase, a publicly-traded agency and one of many largest international crypto exchanges, has been beneath scrutiny from DFS and different regulators. It has beforehand disclosed receiving investigative subpoenas and requests from the U.S. Securities and Change Fee for paperwork and data.