Matt Green
July 2024
Director and Head of Blockchain and Digital Assets and Technology Disputes, Matt Green, comments on the FCA fining Coinbase’s UK e-money business £3.5 million for onboarding high-risk customers.
Matt noted that the fine is a reminder that even the most established and trusted brands in the cryptoasset industry sometimes onboard high-risk customers.
Matt commented: “Funds are often off-ramped at crypto currency exchanges following a fraud, scam and or hack, turning the process of crime from crypto assets to fiat money, to be further laundered. The process itself means even the most trusted cryptocurrency brands can fall short during the onboarding process and allows high risk individuals to use these services to conceal and move money. In some respects, the more legitimate the exchange, the smoother the laundering process can be, subject to know your client checks.”
Matt’s comments were published in Thomson Reuters Regulatory Intelligence, 26 July 2024.
