Bitcoin

<ul><li>FCA fines Coinbase’s CBPL £3.5M for failing financial crime control compliance.</li><li>CBPL breached FCA’s 2020 agreement, processing $25M for high-risk clients despite restrictions.</li><li>FCA’s action signals crypto firms must enhance financial crime controls or face serious consequences.</li></ul>The Financial Conduct Authority (FCA) has imposed a £3.5 million ($4.5 million) fine on CB Payments Limited (CBPL), a UK-based arm of the global <a href="https://cryptotale.org/coinbase-pushes-for-sec-chair-genslers-private-emails-in-legal-dispute/" rel="noopener noreferrer nofollow">Coinbase Group</a> as per Reuters <a href="https://www.reuters.com/technology/uk-watchdog-fines-coinbases-cb-payments-poor-controls-2024-07-25/" rel="noopener noreferrer nofollow">report</a>. This penalty marks the first such sanction within the UK’s crypto assets sector, underscoring the stringent expectations for financial crime controls in the cryptocurrency space.The fine stems from CBPL’s failure to adhere to a regulatory <a href="https://www.fca.org.uk/news/press-releases/fca-first-enforcement-action-against-firm-enabling-cryptoasset-trading" rel="noopener noreferrer nofollow">agreement</a> made in October 2020. Following an<a href="https://cryptotale.org/uk-fca-announces-market-abuse-regime-for-crypto-crackdown/" rel="noopener noreferrer nofollow"> FCA</a> inspection, CBPL agreed to enhance its financial crime defenses. Specifically, the agreement mandated that CBPL could not onboard new high-risk customers until its deficiencies were rectified.Despite this, CBPL continued to accept and process transactions for over 13,000 high-risk clients, who deposited nearly $25 million into the platform. These funds were subsequently used for transactions totaling approximately $226 million across various Coinbase entities.<a href="https://cryptotale.org/coinbase-uk-faces-record-3-5m-fine-for-financial-crime-breaches/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Coinbase UK Faces Record £3.5M Fine for Financial Crime Breaches

CryptoTale

Andre artikler udgivet 27. jul. 2024

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