The UK's Financial Conduct Authority (FCA) has taken its first enforcement action against a firm involved in cryptoasset trading. This action reflects the regulator's stringent stance on financial crime and market integrity.
- CB Payments Limited (CBPL), part of the Coinbase Group, was fined £3.5 million for breaching rules related to onboarding high-risk customers despite existing restrictions.
- CBPL facilitated transactions worth $226 million from high-risk customers, violating the voluntary requirement imposed by the FCA.
- The FCA emphasized the importance of strong financial crime controls in the crypto sector, citing CBPL's failures as a serious risk to market integrity.
