The crypto exchange Coinbase is said to have not sufficiently checked customers for possible criminal money laundering before opening accounts. Now the company agrees to a multi-million dollar settlement.

The largest US crypto exchange Coinbase has accepted a multi-million dollar fine for allegedly lax anti-money laundering measures in the state of New York. The company is paying a total of 100 million dollars (94 million euros) as part of a settlement, the New York financial regulator DFS announced on Wednesday. The agency fined Coinbase $50 million. The company is to invest another 50 million dollars in a program to improve its control mechanisms.

Among other things, the supervisors accused the online exchange for digital currencies such as Bitcoin or Ether of not having adequately checked customers before opening accounts. The New York Department of Financial Services explained that this allowed criminal actors to gain access to the trading platform. A statement from Coinbase was initially not available. However, investors reacted with relief to the settlement of the conflict with the authorities, which had been going on for years, and let the company’s shares rise by more than ten percent.