Breaking: Coinbase UK Arm Faces $4.5M Fine For Onboarding High-Risk Customers

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Coinbase's UK subsidiary, CBPL, has been slapped with a $4.5 million fine for breaching the FCA agreement, which restricted the platform from onboarding high-risk customers.

HIGHLIGHTS

Coinbase's UK unit has faced a $4.5 million fine from the FCA.

CBPL invited British regulators' wrath as it "unintentionally" onboarded some high-risk customers, breaching the FCA agreement.

The exchange has now affirmed necessary steps to resolve the issue.

The United Kingdom regulators have imposed a $4.5 million (£3.5 million) fine on Coinbase’s UK arm, CB Payments Limited (CBPL). The penalty concerns the breach of a voluntary agreement designed to prevent the onboarding of high-risk customers.

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