UK's FCA Imposes $4.5M Fine on Coinbase's CBPL for AML Failures and Risky Clientele
The Latest FinTech Drama: Unpacking the Multi-Million Dollar Fine on CBPL In a recent crackdown on financial regulatory compliance, one story that's been making rounds is about Coinbase Payments Ltd (CBPL), a branch of the larger Coinbase Group, facing a staggering fine Let's dive deep into what unfolded, why it's significant, and what it means for the future of digital finance A Glimpse into the Fine's Backstory In an eye-opening revelation, it was made public that despite certain restrictions, CBPL had onboarded or provided e-money services to over 13,000 customers considered to be high-risk What's jaw-dropping is that about a third of these customers were involved in transactions amounting to roughly $24 9 million...
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