Coinbase's UK branch has been fined $4.5 million by a UK regulator for breaching a voluntary agreement regarding user onboarding.
In 2020, CB Payments Limited (CBPL), which is part of the Coinbase group, agreed to admit only customers deemed low-risk by the Financial Conduct Authority (FCA).
However, CBPL reportedly signed up 13,416 customers deemed high-risk by the regulator and provided them with crypto services, in breach of the agreement.
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As a result, the FCA has fined CBPL, a subsidiary of Coinbase Group, £3,503,546 ($4.5 million) for repeatedly breaching the agreement.