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FCA fines crypto trading firm for weak financial crime controls

Logo for cryptocurrency exchange Coinbase on debit card edge.
Photo: Smith Collection/Gado/Getty Images

Thomas Hyrkiel

2 min read
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Action against CBPL is the first enforcement against a firm enabling crypto asset trading.

CBPL is authorized by the FCA to issue e-money and provide payment services. It is part of the Coinbase Group and acts as a deposit gateway for customers enabling them to trade cryptoassets via other Coinbase Group entities.

During a 2020 supervisory visit the FCA identified significant weaknesses in the

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