British Regulator Fines Coinbase $4.5 Million for Anti-Money Laundering Failures

Coinbase's UK unit breached a voluntary agreement by onboarding over 13,000 high-risk customers, raising concerns about financial crime controls.

The Financial Conduct Authority fined Coinbase's CB Payments Limited for onboarding high-risk customers despite a 2020 agreement.
The fine amounts to £3.5 million ($4.5 million) after a 30% discount for cooperation.
31% of the high-risk customers deposited $24.9 million, facilitating $226 million in transactions.
Coinbase acknowledged the breaches but emphasized its efforts to enhance regulatory compliance.
The FCA highlighted significant weaknesses in CBPL's financial crime controls, stressing the need for stringent measures.