UK financial regulator FCA has announced that it has fined CB Payments Limited (CBPL) a sum of £3,503,546, for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers.
CBPL is part of the Coinbase Group, which operates a prominent cryptoasset trading platform that is accessible globally. CBPL does not undertake cryptoasset transactions for customers, but it acts as a gateway for customers to trade cryptoassets via other entities within the US-based Coinbase Group. CBPL is not currently registered to undertake cryptoasset activities in the UK.
The firm entered into a voluntary requirement (the VREQ) in October 2020, which followed significant engagement with the FCA relating to concerns about the effectiveness of CBPL’s financial crime control framework. The VREQ prevented CBPL from taking on new high-risk customers while it addressed issues with its framework.
Despite…
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