New York's Department of Financial Services ("DFS") recently announced a $100 million settlement with Coinbase, Inc., one of the world's largest cryptocurrency exchanges, for Bank Secrecy Act/Anti-Money Laundering ("BSA/AML") compliance failures, which could have broad impact on both the fiat currency and cryptocurrency (digital assets) communities. DFS found a broad range of significant failures in the customer identification program ("CIP")/customer due diligence ("CDD"), transaction monitoring, suspicious activity reporting, politically exposed person ("PEP") screening, and cyber event reporting.