Coinbase Fined $4.5 million by the UK’s FCA

The UK's Financial Conduct Authority (FCA) has fined CB Payments Limited (CBPL), a subsidiary of Coinbase Group, $4.5 million for breaches of anti-money laundering rules.

The FCA originally proposed a penalty of $6.442 million, which was reduced by 30% due to a settlement concession.

The fine stems from CBPL’s continued breaches, despite previous agreements to improve controls over financial crime, following a regulatory review in 2020.

The FCA found that CBPL involved 13,416 high-risk customers who deposited around $24.9 million, later used in transactions totalling $226 million on other Coinbase platforms.

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This failure to comply with FCA guidelines significantly increased the risk of financial crime.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.