WASHINGTON (Reuters) -U.S.-based cryptocurrency exchange Coinbase Global Inc has reached a $100 million settlement with New York’s Department of Financial Services (DFS), the exchange and the regulator said in statements on Wednesday.

The settlement, which includes a $50-million penalty, caps the regulator’s investigation into the firm’s compliance with requirements to prevent money laundering.

DFS found Coinbase treated its onboarding requirements for customers as a “simple check-the-box” and had not done sufficient background checks, DFS said in a statement.

The firm has taken “substantial measures” to address what it called “historical shortcomings,” Paul Grewal, Coinbase’s chief legal officer, said in a statement.

Coinbase will pay another $50 million to boost compliance efforts aimed at blocking potential criminals from using the exchange, it said. The deal also requires Coinbase to work with a third-party monitor.

The New York Times first reported the settlement.

Coinbase, a publicly-traded firm and one of the largest global crypto exchanges, has been under scrutiny from DFS and other regulators. It has previously disclosed receiving investigative subpoenas and requests from the U.S. Securities and Exchange Commission for documents and information.

(Reporting by Susan Heavey, Hannah Lang and Jonathan StempelAdditional reporting and writing by Chris PrenticeEditing by Mark Potter)