The UK Financial Conduct Authority ( FCA ) has fined CB Payments Limited (CBPL), a subsidiary of Coinbase Group , $4.5 million for violating anti-money laundering rules.
FCA initially proposed a fine of $6.442 million, which was later reduced by 30% due to settlement concessions.
This fine stems from CBPL's continued violations, despite previous agreements aimed at improving its ability to control financial crime following a 2020 regulatory XEM .
The FCA discovered that CBPLs involving 13,416 high-risk customers deposited approximately $24.9 million, which was then used in transactions totaling $226 million across other Coinbase platforms.
Non-compliance with FCA guidelines has significantly increased the risk of financial crime.
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