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