UK Coinbase operation fined UK£3.5m - serviced high-risk customers against undertaking

CB Payments Ltd - UK arm of leading cryptocurrency trading business the Coinbase Group - which only hosts e-money wallets rather than engaging in transactions, must pay a UK£3,503,546 financial penalty for onboarding and/or providing e-money services to high-risk customers in breach of a Financial Conduct Authority (FCA) ordinance of October 2020.

CB Payments Ltd (CBPL) - UK arm of leading cryptocurrency trading business the Coinbase Group - which only hosts e-money wallets rather than engaging in transactions, must pay a UK£3,503,546 financial penalty for onboarding and/or providing e-money services to high-risk customers in breach of a Financial Conduct Authority (FCA) ordinance of October 2020.