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What will be the amount of additional fines Coinbase's UK unit might face from the FCA by end of 2024?
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No additional fines • 25%
Less than £1 million • 25%
Between £1 million and £5 million • 25%
More than £5 million • 25%
Official announcements or press releases from the FCA
Story
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.
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Less than $1 million • 25%
$1 million to $2 million • 25%
$2 million to $3 million • 25%
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Financial Conduct Authority (FCA) • 25%
Securities and Exchange Commission (SEC) • 25%
European Central Bank (ECB) • 25%
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Gotbit • 25%
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CLS Global • 25%
MyTrade • 25%
