@niranjanymcmb
The UK’s Financial Conduct Authority (FCA) has fined US cryptocurrency exchange Coinbase (NASDAQ:COIN) $4.5 million for “repeated breaches” of its regulations. According to the UK regulator, the company circumvented the rules by providing services to “high-risk” clients.
According to the regulator, CB Payments Limited (CBPL), which is part of the Coinbase Group, operates as a “gateway for clients to trade cryptocurrency through other entities within the company.”
Despite entering into a voluntary agreement with the FCA to limit the onboarding of new users classified as high-risk, CBPL breached it by registering and servicing more than 13,400 such clients. The regulator estimates that more than 30% of these users deposited almost $25 million into the crypto exchange’s accounts.
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