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.
This failure to comply with FCA guidelines significantly increased the risk of financial crime.
McAfee has discovered a new Android malware called SpyAgent that can steal private keys stored in screenshots and photos on smartphones.
Authorities in Anhui Province, China, have recently dismantled a major criminal operation that was using cryptocurrency platforms to launder large sums of money.
Scam Sniffer has reported a recent case where an individual lost $1 million in cryptocurrency by mistakenly copying a fraudulent address from their transaction history.
The FBI has issued a warning about advanced cyberattacks targeting cryptocurrency and DeFi companies, linked to North Korean hackers.