According to NYDFS, Coinbase has agreed to pay a $50 million fine in response to violations of New York's financial services and banking laws and also to invest $50 million to correct its compliance program. The investigation revealed that Coinbase had various deficiencies related to Anti-Money Laundering requirements and issues with its process for onboarding users and monitoring transactions. Coinbase's woes seem to continue, as on Jan. 10, Coinbase CEO Brian Armstrong officially announced that Coinbase will cut 950 jobs as part of the company's measures to reduce the firm's operating costs by around 25% amid the ongoing crypto winter.