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What Coinbase’s $4.5M fine by U.K FCA means for the crypto industry

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Coinbase fined $4.5M by the U.K's FCA over high-risk customer. Reportedly, Coinbase's CBPL onboarded 13416 high risk customers.

Over the past months, crypto exchange platforms have faced legal battles resulting in huge fines. The latest firm to face the long arm of the law isU.K.’s Financial Conduct Authority announced a fine against a subsidiary of the cryptocurrency exchange Coinbase, CB Payments Limited .

The report explained that cryptocurrencies are associated with money laundering risks and that all firms should take it seriously. Allegedly, per

 

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