What's next for UK crypto regulations after Coinbase's $4.5M fine?

The FCA’s fine points to a “one-off” enforcement action, not a wider crackdown on the industry, according to a legal expert.

Cryptocurrency investors are concerned about a potential regulatory crackdown in the United Kingdom after Coinbase exchange’s British trading wing was fined.

Investor worries arose on July 25 after Coinbase’s UK arm was fined $4.5 million for breaching a voluntary user agreement with Britain’s Financial Conduct Authority (FCA) that would prevent it from onboarding customers considered “high risk” by the regulator.

In a particularly concerning sign, the fine marks the first instance the FCA has taken enforcement actions based on the Electronic Money Regulations 2011 Act.

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The FCA’s fine points to a “one-off” enforcement action, not a wider crackdown on the industry, according to a legal expert.
Cryptocurrency investors are concerned about a potential regulatory crackdown in the United Kingdom after Coinbase exchange’s British trading wing was fined.Investor worries arose on July 25 after Coinbase’s UK arm was fined $4.5 million for breaching a voluntary user agreement with Britain’s Financial Conduct Authority (FCA) that would prevent it from onboarding customers considered “high risk” by the regulator.In a particularly concerning sign, the fine marks the first instance the FCA has taken enforcement actions based on the Electronic Money Regulations 2011 Act.Read more