🚨 £3.5M Fine Hits CB Payments Ltd: What You Need to Know

8/21/2024

Ben Moore

Ben Moore

Cofounder of RegSage

CB Payments Ltd (CBPL), part of the Coinbase Group, just got hit with a massive £3.5 million fine by the FCA. Here's what happened:

💸 13,416 High-Risk Customers: CBPL allowed deposits totaling $24.9 million from 13,416 high-risk customers, which then fueled $226 million in crypto transactions!

⚠️ 2 Years of System Failures: CBPL's internal controls failed. It took nearly 2 years and a customer complaint to uncover the full extent of the issue.

😬 31% of Customers: made 12,912 prohibited deposits!

This fine is a clear warning to other crypto and payment companies: Get your systems in check, or face the consequences. 🔗 Read more

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