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FCA fines Coinbase’s UK business for money laundering failings

CBPL did not make sure requirements from the watchdog were followed

Coinbase business CB Payments Limited breached an undertaking not to take on high-risk clients Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images
Coinbase business CB Payments Limited breached an undertaking not to take on high-risk clients Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images

The UK markets watchdog has fined part of Coinbase Group for breaching an order designed to stop high-risk crypto trades going ahead.

In the Financial Conduct Authority’s first enforcement action against a firm enabling cryptoasset trading, CB Payments Limited, the UK arm of the exchange giant, has been hit with a £3.5m penalty for allowing services to high-risk customers to go ahead despite money-laundering fears.

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