Cryptocurrency

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Crypto exchange Coinbase has been fined £3.5mn by the UK’s financial watchdog for providing payment services to more than 13,000 “high-risk” customers, in the first enforcement action by the regulator against a company that enables cryptocurrency trading.The Financial Conduct Authority fined Coinbase’s subsidiary, CB Payments Ltd, for “repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers”, it said on Thursday. High-risk customers included those on sanctions lists,...

Photo Illustrating Coinbase in Suqian, Jiangsu Province, China on June 6, 2023 (Photo Illustration by Costfoto/NurPhoto via Getty Images)Nurphoto | Nurphoto | Getty ImagesCB Payments Limited (CBPL) is part of the Coinbase Group, which operates a global crypto trading platform.In October 2020, CBPL entered into a voluntary agreement with the U.K.'s Financial Conduct Authority (FCA), accepting restrictions that prevented it from taking on new customers that the regulator considered high-risk. It also prohibited CBPL from offering services to these customers.However, CBPL breached the agreement and onboarded and served 13,416 of...

Ferrari, the Italian luxury car manufacturer, is set to launch its cryptocurrency payment system in Europe following its successful debut in the US market in 2023. Ferrari Gears Up for European Market With the success of its cryptocurrency payment system in the US market, Italian luxury sports car manufacturer Ferrari is gearing up to bring it to Europe. According to an official announcement made by Ferrari on July 24, the company will begin accepting cryptocurrency payments from its network of European dealers by the end of July...