Coinbase Fined £35 Million by UK Regulator
FCA Expands Scope of Investigation
WEB Coinbase has been fined £35 million by the UK's financial regulator, the Financial Conduct Authority (FCA), for failing to comply with anti-money laundering and counter-terrorism financing regulations.
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The fine is the latest in a series of regulatory actions against crypto exchanges, as regulators around the world grapple with the challenges of overseeing the rapidly growing digital asset market. In the UK, the FCA has been particularly active in scrutinizing crypto exchanges, and has previously fined several other companies for compliance failures. Coinbase's fine is the largest ever imposed by the FCA on a crypto exchange.
The FCA's investigation into Coinbase began in 2021, and focused on the company's compliance with anti-money laundering and counter-terrorism financing regulations. The FCA found that Coinbase had failed to implement adequate systems and controls to prevent money laundering and terrorist financing, and had also failed to properly supervise its employees.
The FCA's fine is a significant blow to Coinbase, which is one of the world's largest crypto exchanges. The fine is likely to damage Coinbase's reputation and could make it more difficult for the company to operate in the UK.
The FCA's investigation into Coinbase is ongoing, and it is possible that the company could face further regulatory action in the future.
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