Blockchain
Coinbase subsidiary fined £3.5m for violating onboarding controls
A Coinbase subsidiary, CB Payments Limited (CBPL), has been fined £3.5 million by the UK’s Financial Conduct Authority (FCA) for onboarding “high-risk” customers despite a voluntary agreement to address security concerns first. The fine marks the FCA’s first enforcement action against a cryptoasset trading company. CBPL, not registered to undertake cryptoasset activities in the UK, provided services to 13,416 high-risk customers, leading to transactions totaling approximately $226 million (£175 million).
The FCA highlighted that CBPL’s actions demonstrated a lack of due skill, care, and diligence, increasing the risk of money laundering through its platform. The financial regulator stressed the necessity for strong financial crime controls in firms facilitating crypto trading. Coinbase responded by acknowledging the issue, attributing it to an unintentional oversight, and reaffirmed its commitment to compliance and regulatory cooperation.
The fine was reduced by 30% as CBPL agreed to settle the matter. This enforcement action serves as a warning to firms in the crypto sector about the importance of robust financial crime controls, especially given the heightened risks of money laundering associated with digital assets.
Source: uktech.news
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Blockchain
Sui’s Path Forward: Bybit Web3 and Sui Foundation to Host Exclusive Debate Live at Taipei Blockchain Week
Bybit Web3
Blockchain
Oxbridge / SurancePlus Announces Upcoming Participation in Key Industry Events
Blockchain
Prosper Powers Bitcoin MENA 2024 as Official Hashrate Sponsor
Prosper, the leading decentralized protocol offering institutional-grade Bitcoin mining power on-chain, proudly announces its role as the official Hashrate Sponsor for Bitcoin MENA 2024. The highly anticipated conference will take place on December 9-10, 2024, at the iconic Abu Dhabi National Exhibition Centre (ADNEC), bringing together industry experts and key players from the global Bitcoin ecosystem and the wider crypto industry.
As the official Hashrate Sponsor, Prosper will feature prominently at the event and host an interactive booth where attendees can engage directly with its team and explore how Prosper is setting the standard for institutional-grade Bitcoin mining power on-chain, further unlocking Bitcoin’s full potential as the most decentralized cryptocurrency.
“As one of the most innovative community-focused projects under Animoca Brands, we are excited to showcase our unique offering at this year’s Bitcoin MENA event which aligns perfectly with our mission to democratize access to Bitcoin and its mining power,” said Milton Lam, Advisory Council Member & Launch Partner, Prosper. “Our participation underscores our leadership in institutional-grade Bitcoin mining innovation, advancing the possibilities of the world’s original and most decentralized cryptocurrency.”
Bitcoin MENA 2024 will bring together global leaders and influential voices, including Eric Trump, Prince Filip of Serbia and Saifedean Ammous, to shape the conversation on Bitcoin’s future.
Eric Trump, Executive Vice President of the Trump Organization, will deliver a keynote address at Bitcoin MENA 2024, marking a significant milestone for the event. His participation brings a wealth of business acumen and leadership experience to discussions on Bitcoin’s growing adoption in the Middle East. Following Donald J. Trump’s appearance at Bitcoin 2024 in Nashville this July, the Trump family’s growing support for Bitcoin as a solution to combat inflation in the U.S. underscores the event’s importance.
Other notable attendees include Prince Filip of Serbia, Saifedean Ammous, author of The Bitcoin Standard and Abdulla Al Dhaheri of the Blockchain Centre Abu Dhabi. Their involvement highlights Bitcoin MENA’s influence and Abu Dhabi’s emerging role as a central hub in the global Bitcoin economy.
The Abu Dhabi edition of the Bitcoin Conference promises to be a transformative event, uniting institutional investors, developers, influencers and enthusiasts to explore Bitcoin’s rapidly growing potential in the region and globally.
The post Prosper Powers Bitcoin MENA 2024 as Official Hashrate Sponsor appeared first on News, Events, Advertising Options.
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