The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more. In this episode, Matt and I take a look at the recent NY state Department of Financial Services sanction involving the crypto trading platform Coinbase, which just agreed to pay $50 million to the DFS and to spend another $50 million over the next two years to improve its compliance program.

Some of the highlights include:

·      What was the fine and associated spending for?

·      What did the Coinbase compliance program fail on?

·      How did Coinbase’s explosive growth fuel a culture of non-compliance?

·      How did Coinbase fall further and further behind?

·      Why and how did the Coinbase solution worsen the problem?

·      Why does a company need to start with a solid foundation of clearly defined procedures?

·      What is the role of effective and efficient technology?

·      What are the lessons learned?

 Resources

Matt Kelly in Radical Compliance