UK watchdog fines Coinbase's CB Payments for poor controls
LONDON, July 25 (Reuters) -Britain's Financial Conduct Authority (FCA) has fined Coinbase business CB Payments Limited (CPBL) 3.5 million pounds ($4.51 million) for poor internal controls, the watchdog's first enforcement action against a company involved in cryptoassets trading.
"CBPL's controls had significant weaknesses and the FCA told it so, which is why the requirements were needed. CPBL, however, repeatedly breached those requirements," Therese Chambers, joint executive director of enforcement at the Financial Conduct Authority, said on Thursday.
($1 = 0.7762 pounds)
Reporting by Huw Jones
Editing by David Goodman
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