Coinbase UK subsidiary fined for breaching regulatory restriction on onboarding

The FCA has imposed its first enforcement action under the Electronic Money Regulations 2011 on a British arm of the world'ssecond-largestcryptoasset exchange, Coinbase.

By Neasa MacErlean

The company, CB Payments Ltd, has been fined £3.5 million (net of a 30 per cent discount) for a three-year breach of a Voluntary Requirement deal with the regulator, which was within the purview of its compliance officials.