Coinbase's CBPL Fined $4.5M by UK Regulator for Lapses in Onboarding Controls

CB Payments Ltd. (CBPL), an e-money institution and payments processor tied to crypto exchange Coinbase was fined more than 3.5 million pounds by the FCA for lapses in controls designed to prevent onboarding of so-called high-risk customers. The London-based company, which is authorized by FCA and doesn't itself offer cryptocurrency services. Concerns about the company's controls over financial crime were raised in February 2020 after the FCA visited its offices. The breaches, which were not discovered for almost two years, resulted from CBPL’s lack of skill in monitoring the controls put in place to ensure that the agreement was effective, the FCA said.

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