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What will be the primary reason for any additional fines imposed on Coinbase's UK unit by end of 2024?
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Resolution / Starting Odds
Anti-money laundering violations • 25%
Customer protection violations • 25%
Operational compliance violations • 25%
Other • 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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Regulation imposed • 25%
No action taken • 25%
Fines imposed • 25%
Investigation ongoing • 25%
Yes • 50%
No • 50%
SEC files new charges • 25%
Coinbase files new counterclaims • 25%
Settlement reached • 25%
Other • 25%
Yes • 50%
No • 50%
U.S. SEC • 25%
U.S. CFTC • 25%
U.S. DOJ • 25%
Other international body • 25%
Appeal the decision • 25%
Accept the ruling • 25%
Settle with FEC • 25%
Other • 25%
