UK regulator penalizes Coinbase's CB Payments for inadequate controls

TradingKeyJul 25, 2024 12:31 PM

View all comments（0）



- 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.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

US Stocks Close: Nasdaq Drops Over 2%, Chip Stocks Fall Broadly, Micron Falls Over 5%, CoreWeave Plunges Nearly 12%

On Friday, October 16, Eastern Time, U.S. stocks moved lower as technology and artificial intelligence (AI)-related shares extended their weekly decline. Investor concerns persisted regarding Chinese semiconductor competition and debt-fueled expansion in AI infrastructure, while rising oil prices also drew attention to the inflation outlook. Energy stocks bucked the trend to gain ground, partially mitigating the Dow's losses. At the close, the Dow Jones Industrial Average fell 0.34% to 52,002.41; the Nasdaq Composite Index dropped 2.14% to 26,140.03; and the S&P 500 Index declined 1.09% to 7,659.44.

SK Hynix Stock Outlook: Can Explosive Growth in AI Inference Demand Drive Sustained Growth Through 2030?

TradingKey - Ahn Hyun, head of R&D at SK Hynix (SKHY), stated at the 2026 Semiconductor Exhibition in Seoul on October 14 that as demand for AI inference grows, the performance scale of AI infrastructure could expand approximately 20-fold by 2030.

Brent Crude Surges 3% Nearing $110: What Is Causing Oil Prices to Rise Again?

On October 16 ET, crude oil prices surged again, with Brent crude (UKOIL) approaching $110 and rising more than 3.3% intraday, while WTI crude (USOIL) neared $99, gaining over 2% intraday. Meanwhile, Representative Gregory W. Meeks, the Ranking Member of the U.S. House Foreign Affairs Committee, introduced a bipartisan bill today, the "No Corrupt Russian Oil Deals Act," aimed at blocking what he described as a corrupt deal between Trump and Putin to purchase and import Russian diesel.

Nvidia Stock Price Forecast: Jensen Huang Says AI Chip Demand Is Strong, Dan Ives Sees Selloff as Buying Opportunity; Can the Stock Return to an Uptrend?

On October 16, Eastern Time, Nvidia (NVDA) shares bucked the trend to move higher against a 1.4% decline in the Nasdaq Composite Index. Despite a volatile week for the semiconductor sector as investors weighed the pace of AI investments amid concerns over rising infrastructure costs and the sustainability of demand, Jensen Huang addressed market doubts on Thursday, noting that demand for AI computing infrastructure remains strong. He stated: "Nvidia receives AI chip orders from customers almost every day. We continue to increase supply, yet order volumes keep growing."

Memory Stocks Slide Again as Micron Drops Over 3%, But Goldman Says Market Overestimates CXMT Tech Impact

On October 16, memory stocks suffered another setback on Friday: SK Hynix (SKHY) fell over 5%, while SanDisk (SNDK) and Micron (MU) both dropped more than 4%, bringing their weekly pullbacks to 18%, 15%, and 13%, respectively. Market concerns grew that progress on the 4F2 architecture announced by ChangXin Memory Technologies (CXMT) could ease the memory chip shortage, thereby dragging down prices and manufacturer profits. Behind this pullback lie two questions spanning different time horizons: whether immediate supply remains tight, and how much impact CXMT's future capacity expansion will bring.

Featured Tools