UK watchdog fines Coinbase’s CB Payments for poor controls

Britain’s Financial Conduct Authority (FCA) has fined Coinbase business CB Payments Limited (CPBL) 3.5 million pounds ($4.5 million) for poor anti-money laundering controls, the watchdog’s first enforcement action against a company involved in cryptoassets trading.

The FCA said on Thursday that CBPL, a gateway for customers to trade cryptoassets within the global Coinbase Group, voluntarily agreed in October 2020 to make improvements to its financial crime controls after a visit by the watchdog.