FCA Fines Coinbase's UK Unit £3.5 Million ($4.5 Million) for High-Risk Customer Violations

Jul 25, 2024, 10:25 AM

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. This fine marks the FCA's first major enforcement action against a company involved in cryptoassets trading. The FCA cited poor anti-money laundering controls and repeated breaches of requirements that prevented the company from serving high-risk customers. A subsection of these high-risk customers made $226 million in transactions.