UK fines Coinbase £3.5M for ‘repeated and material breaches’ of financial crime controls

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The post UK fines Coinbase £3.5M for repeated and material breaches’ of financial crime controls appeared first on CoinGeek.

Coinbase (NASDAQ: COIN) has been fined £3.5 million (US$4.5 million) by the U.K.’s financial watchdog for ignoring anti-money laundering (AML) requirements, even after the digital asset exchange was expressly warned to step up its game.

In February 2020, the FCA visited CBPL and identified “significant weaknesses and gaps in [CBPL’s] financial crime control framework.” That October, CBPL entered into a voluntary requirement (VREQ) that barred the firm from taking on new high-risk customers until it addressed the FCA’s concerns.

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Article Details

Author / Journalist: Steven Stradbrooke

Category: Crypto

Markets: CanadaIndiaNetherlands

Topics: Crypto Crime Cartel Financial Conduct Authority Polk Failla Paul Clement Paul Grewal Gemini United Kingdom Anti-Money Laundering Coinbase Electronic Money Regulations 2011 CB Payments Limited Jesse Powell Base Business Chris Lehane Fairshake Marc Andreessen Regulation Winklevoss Twins Ben Horowitz Kraken Therese Chambers Donald Trump

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-26 @ 11:14:12 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: coingeek.com

Language: English

Article Length: 1740 words

Reading Time: 10 minutes read

Sentences: 53 lines

Sentence Length: 33 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGeek

News ID: 21783669

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