









UK regulator penalizes Coinbase's CB Payments for inadequate controls

TradingKeyJul 25, 2024 12:31 PM

- Britain's FCA fines Coinbase's business CB Payments Limited (CPBL) £3.5 million for weak anti-money laundering controls, marking the watchdog's first enforcement action in the cryptoassets trading sector.

- CBPL, part of the global Coinbase Group, agreed to enhance financial crime controls in October 2020 but breached the agreement by serving 13,416 high-risk customers who deposited $24.9 million, leading to $226 million in cryptoasset transactions.

- Despite facing repeated breaches, CBPL avoided a £5 million fine by resolving the issue and receiving a 30% discount, emphasizing commitment to regulatory compliance.

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

Popular Instruments

Recommended Articles

McDonald's: The Property Empire Buffett Kicks Himself for Missing

Despite recent softness in revenue and same-store sales (SSS), McDonald’s remains a rock-solid giant, thanks to its “landlord” franchising model.

[Reuters Breakingviews] Taiwan insurers get a stern currency warning

HONG KONG, May 12 (Reuters Breakingviews) - The Taiwanese currency’s recent stunning rally against the U.S. dollar has highlighted a big risk in an unlikely area: the island’s insurers. The large swing against the greenback, if sustained, will hit earnings at Cathay Life and its peers...

Here's Why I'm Not Too Worried for Alphabet Despite Apple's Potential New AI-Powered Safari Search

Bad news for Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). Consumer technology titan Apple (NASDAQ: AAPL) may soon be adding artificial intelligence (AI)-powered web-search tools like OpenAI and Perplexity to its mix of search platforms offered to users of Apple's Safari web browser.

[Reuters Analysis] China and the US to talk trade war ceasefire, not peace

BEIJING/WASHINGTON, May 10 (Reuters) - China and the United States start their first major Trade War Two meeting on Saturday to pull back from what analysts describe as a lose-lose situation for their economies, without much clarity on what a win would look like for either side.

Nvidia and AMD Stocks Jump on Reports That Trump Will Ease AI Chip Export Restrictions

In today's video, I discuss recent updates impacting Advanced Micro Devices (NASDAQ: AMD) and Nvidia (NASDAQ: NVDA). To learn more, check out the short video, consider subscribing, and click the special offer link below.