Jul 25, 12:40 PM

FCA Fines Coinbase's UK Unit £3.5 Million ($4.5 Million) Over High-Risk Customers

The Financial Conduct Authority (FCA) has fined Coinbase's UK subsidiary, CB Payments Limited, £3.5 million ($4.5 million) for offering crypto trading services to high-risk customers and for poor anti-money laundering controls. This marks the FCA's first enforcement action against a company involved in cryptoasset trading. The fine was imposed after an inspection in 2020 revealed that CB Payments had repeatedly breached a requirement preventing it from serving high-risk customers. The FCA highlighted that CB Payments had facilitated transactions worth $226 million for 13,000 high-risk customers.