Cryptoasset trading platform slapped with £3.5m fine by FCA

Part of the Coinbase Group

Linus Uhlig
clock • 2 min read

The Financial Conduct Authority has fined CB Payments Limited (CBPL) just over £3.5m for what it describes as “repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers”.

Accessible to customers globally, CBPL is part of the Coinbase Group, an online platform for buying, selling, transferring and storing cryptocurrencies.  While the company does not carry out cryptoasset transactions for customers, CBPL does act as a gateway to facilitate customers trading cryptoasets via other entities within the Coinbase Group.  UK crypto regulation is 'catching up' to other markets while maintaining 'bottom-up' benefits The UK's financial watchdog has alleged that CBPL onboarded and/or provided e-money services to 13,416 customers deemed to be high risk. CBPL ...

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