US-based cryptocurrency exchange Coinbase has reportedly reached an agreement with the New York State Department of Financial Services to pay a $50 million fine for its breach of New York’s financial services and banking laws. The exchange also committed to investing at least $50 million to further improve and enhance its compliance program. Coinbase was accused of violating the state’s AML requirement as it did not conduct sufficient background checks before allowing customers to open accounts. The exchange acknowledged the deficiencies and pledged to fix the issues.