🌋 British Branch of Coinbase Hit with $4.5 Million Fine
posted 25 Jul 2024
The UK financial regulator, FCA, fined CB Payments Limited (CBPL), a subsidiary of Coinbase Group, £3,503,546 (approximately $4.5 million) for servicing high-risk clients.
This category includes individuals:
- Linked to high-risk countries or business sectors;
- With complex or opaque ownership structures;
- Responsible for unusual transactions lacking an obvious legitimate purpose;
- Political figures and officials who are exposed to corruption due to their professional activities.
The FCA highlights that this breach was due to the company's negligence and insufficient monitoring measures, as these incidents remained undetected for years.
Coinbase benefited from a 30% reduction in the fine amount due to its agreement to cooperate with the regulator in settling the issue.
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