Coinbase’s CB Payments fined £3.5m by UK regulator for money laundering control lapses

BlockBeats reported that on July 25, Coinbase's CB Payments Ltd. (CBPL) was fined £3.5 million ($4.5 million) by the UK Financial Conduct Authority (FCA) for providing services to high-risk customers. CBPL is an electronic money institution and payment processor related to Coinbase. The company is authorized by the FCA and does not provide cryptocurrency services itself, but acts as a gateway for customers to conduct cryptocurrency transactions in entities within the Coinbase Group.

The FCA said in a press release on Thursday: "Despite restrictions, CBPL provided electronic currency services to 13,416 high-risk customers. About 31% of these customers deposited approximately $24.9 million. These funds were used for withdrawals and then executed multiple crypto asset transactions through other Coinbase Group entities, totaling approximately $226 million."