Fintech
FCA imposes measures on cryptocurrency trading firm
July 26, 2024
Written by FinTech Alliance in Financial Technology
The UK’s Financial Conduct Authority (FCA) has taken its first enforcement action against a firm involved in crypto-asset trading. The action reflects the regulator’s strong stance on financial crime and market integrity.
– CB Payments Limited (CBPL), part of Coinbase Group, has been fined £3.5 million for breaching rules relating to onboarding high-risk customers despite existing restrictions.
– CBPL facilitated $226 million worth of transactions from high-risk clients, in breach of the FCA’s voluntary requirement.
– The FCA has stressed the importance of rigorous controls on financial crime in the cryptocurrency sector, citing the failures of CBPL as a serious risk to market integrity.