Coinbase Fined $4.5M by UK Government

British authorities have just fined Coinbase's branch in the country $4.5M for providing services to "high-risk" customers.

Specifically, in October 2020, Coinbase signed an agreement with the Financial Conduct Authority (FCA) of the United Kingdom, to limit providing services to customers with "high risk" of being money launderers.

However, due to loopholes, the exchange violated the agreement and served more than 13,400 customers in this category, helping them trade a total of $226M.

Currently, the exchange has accepted to pay fines and tighten regulations to control customers and comply with obligations under the agreement.