UK Regulator Fines Coinbase’s UK Division $4.5 Million for High-Risk Customer Violations
Related media - Linked media Coinbase’s UK subsidiary has been fined 3.5 million pounds ($4.5 million) by British regulators for breaching an agreement that aimed to prevent the cryptocurrency exchange from onboarding high-risk clients. The Financial Conduct Authority (FCA) imposed the fine on CB Payments Limited (CBPL), a branch of the Coinbase Group, which operates a global crypto trading platform. The fine comes after CBPL violated a voluntary agreement made in October 2020 to avoid taking on high-risk customers and offering them services. The FCA reported that CBPL served 13,416 high-risk customers despite the agreement, with 31% of these clients…
