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UK Regulator Fines Coinbase Because They Clearly Haven’t Been Watching Their ‘How to Get Rich Quick’ Infomercials

AltcoinsBitcoinCrypto News 1 Kevin Nelson August 16, 2024

An illustration: A cartoonish figure representing a regulator is shown sternly holding up three large checks with £3,503,546 written on each. The background features faint images of high-risk customers being turned away from an entrance labeled 'high risk'. In the foreground, another character represents Coinbase Payments Ltd., depicted as a person trying to sneak past the regulator while carrying multiple bags filled with money and coins; however, they are caught in mid-step by the stern figure's outstretched arm.

The cryptocurrency market is a never-ending circus of incompetence and greed! And now we have another fine example: Coinbase’s CB Payments Limited getting slapped with a £3.5 million ($4.8 million) penalty by UK regulators for serving high-risk customers despite restrictions

Source: bitcoin.com

UK Regulator Fines Coinbase's CB Payments $4.5 Million for Serving High-Risk Customers
https://news.bitcoin.com/uk-regulator-fines-coinbases-cb-payments-4-5-million-for-serving-high-risk-customers
The UK Financial Conduct Authority (FCA) has fined Coinbase’s payments arm, CB Payments Limited, £3,503,546 for breaching compliance rules by serving high-risk customers despite restrictions. The regulator explained that this marks the FCA’s first enforcement action against a firm facilitating cryptoasset trading. The violations involved significant transactions undetected for almost two years. The UK Financial Conduct Authority (FCA) announced on Thursday that it has taken its “first enforcement action against […]

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About the author

Kevin Nelson

Kevin’s foray into cryptocurrency trading was a full-scale disaster. His obsession with chasing trends and leveraging obscure assets led to a catastrophic loss of his entire life savings. Now, Kevin’s articles are a venomous mix of bitter humor and harsh reality checks, exposing the chaotic and treacherous world of crypto trading. His catchphrase: “I went from trading genius to broke fool in record time. Welcome to crypto—where the only thing guaranteed is your financial ruin.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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