Cryptoasset trading platform slapped with £3.5m fine by FCA

Part of the Coinbase Group

Linus Uhlig
clock • 2 min read

The Financial Conduct Authority has fined CB Payments Limited (CBPL) just over £3.5m for what it describes as “repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers”.

Accessible to customers globally, CBPL is part of the Coinbase Group, an online platform for buying, selling, transferring and storing cryptocurrencies.  While the company does not carry out cryptoasset transactions for customers, CBPL does act as a gateway to facilitate customers trading cryptoasets via other entities within the Coinbase Group.  UK crypto regulation is 'catching up' to other markets while maintaining 'bottom-up' benefits The UK's financial watchdog has alleged that CBPL onboarded and/or provided e-money services to 13,416 customers deemed to be high risk. CBPL ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

FSCS deposit protection limit could rise to £110,000

FSCS deposit protection limit could rise to £110,000

Would take effect from December 2025 if approved

Sahar Nazir
clock 01 April 2025 • 2 min read
Deep Dive: SDR is having a 'positive impact' but focus should not be on labels alone

Deep Dive: SDR is having a 'positive impact' but focus should not be on labels alone

Challenge to sustainability as a whole

Cristian Angeloni
clock 28 March 2025 • 4 min read
US SEC votes to stop defending climate disclosure rules in contentious move

US SEC votes to stop defending climate disclosure rules in contentious move

Commissioner Crenshaw criticises decision

Eve Maddock-Jones
clock 28 March 2025 • 3 min read
Trustpilot