As a seasoned crypto investor with years of experience in navigating the complex and ever-evolving digital currency market, I find the recent news regarding Coinbase’s UK arm facing a significant fine from the Financial Conduct Authority (FCA) both concerning and disappointing.
The Financial Conduct Authority (FCA) in the United Kingdom has levied a £3.5 million ($4.5 million) penalty against Coinbase’s UK subsidiary, CB Payments Limited (CBPL). This sanction stems from CBPL’s failure to adhere to an agreed-upon arrangement aimed at preventing the enrollment of risky customers. The FCA disclosed this fine on Thursday, expressing concerns over significant flaws in CBPL’s internal controls.
Coinbase UK Arm Faces Major Penalty
In October 2020, Coinbase’s UK branch, CBPL, entered into a voluntary agreement with the Financial Conduct Authority (FCA). As part of this deal, CBPL was prohibited from onboarding new clients classified as “high-risk” by the regulatory body. Furthermore, the company was prevented from rendering services to these high-risk individuals.
The objective of this accord was to minimize money laundering risks and preserve market authenticity. It sought to thwart suspicious transactions on the CBPL system. Nevertheless, the FCA uncovered that CBPL had accepted and catered to 13,416 high-risk clients in defiance of these precautions. As a penalty for these infringements, the FCA levied a £3.5 million ($4.5 million) fine against CBPL.
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2024-07-25 13:10