Coinbase fined £3.5mn by UK regulator over ‘high-risk’ customers

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Financial Times 12h ago

Coinbase fined £3.5mn by UK regulator over ‘high-risk’ customers - Financial Times

Quick Summary:

CBPL’s controls had “significant weaknesses” which “increased the risk that criminals could use CBPL to launder the proceeds of crime”, she added.

Nasdaq-listed Coinbase is one of the world’s biggest crypto exchanges, allowing retail and institutional traders to buy and sell digital tokens.

About 31 per cent of these customers deposited about $24.9mn, which was used to make withdrawals and crypto trades through other Coinbase entities, totalling about $226mn.