- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-07-26T15:51:00
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
CB Payments Limited (CBPL), a crypto asset trading platform, repeatedly breached rules that should have prevented the firm from offering services to high-risk customers, the FCA said Thursday in a press release.
The FCA said the move represented the first enforcement action under powers granted by the Electronic Money Regulations 2011. The final fine amount represented a 30 percent reduction, in part due to the firm’s cooperation, the FCA said.
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The U.K. Financial Conduct Authority has fined Metro Bank 16.6 million pounds (U.S. $21 million) for an alleged failure by its automated system to adequately monitor money laundering risks.
The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.
The U.K. Financial Conduct Authority fined a Cyprus-based trading company more than 276,000 pounds (U.S. $354,000) for unfair customer treatment and providing unauthorized investment advice.
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
Robinhood, a disruptive force in the market for Main Street investors but also a serial offender of securities laws, will pay a total of $45 million to settle numerous violations of SEC rules and regulations by two of its broker-dealers.
A broker-dealer subsidiary of Toronto-based BMO Financial Group will pay nearly $41 million in penalties to the Securities and Exchange Commission to settle allegations that its traders issued misleading disclosures on bonds for three years, causing $19 million in harm to its customers.
