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 the UK-based arm of crypto exchange Coinbase 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 the 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.
