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News Explorer — Coinbase Fined $4.5 Million in UK by Regulator

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Jul 25, 3:50 pm
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Coinbase Fined $4.5 Million in UK by Regulator

The Financial Conduct Authority (FCA) has fined CB Payments Limited (CBPL), a subsidiary of Coinbase, £3.5 million ($4.5 million) for allowing high-risk customers to buy cryptocurrency. The FCA found that CBPL onboarded and provided e-money services to 13,416 "high-risk" customers, who collectively deposited $24.9 million and made transactions totaling $226 million. This is the first fine of its kind, and the FCA emphasized the importance of firms taking money laundering risks associated with crypto seriously.

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