Coinbase, one of the largest cryptocurrency trading platforms in the world, has agreed to pay $100 million in a settlement with New York regulators. The state Department of Financial Services accused Coinbase of significant failures in its systems for detecting potential criminal activity, including inadequate anti-money laundering programs and insufficient monitoring of transactions for suspicious activity. The volume of alerts generated by Coinbase’s transaction monitoring system reportedly grew so rapidly that reports of suspicious activity were sometimes filed months after the activity was first detected by the company. In response to the settlement, Coinbase will pay a $50 million penalty to the state of New York and invest an additional $50 million in its compliance program. An independent monitor will work with Coinbase for a year to ensure compliance with the settlement. Despite the settlement, Coinbase Chief Legal Officer Paul Grewal stated that the company remains committed to being a leader and role model in the cryptocurrency industry and will continue to partner with regulators on compliance matters.