Coinbase Fined $4.5 million by the UK’s FCA
25.07.2024 20:19 1 min. read Kosta Gushterov
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.
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