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UK watchdog fines Coinbase's CB Payments for poor controls

Economic TimesEconomic Times · 11m ago
UK watchdog fines Coinbase's CB Payments for poor controls
Medial

The UK Financial Conduct Authority (FCA) has fined CB Payments Limited (CBPL), a subsidiary of Coinbase, £3.5 million for inadequate anti-money laundering controls, marking the FCA's first enforcement action against a crypto trading company. CBPL had agreed to make improvements to its financial crime controls but continued to accept high-risk customers. Over 13,000 high-risk customers deposited £24.9 million, which was used for cryptoasset transactions totaling approximately £226 million through other Coinbase entities. CBPL's controls were found to have significant weaknesses and it repeatedly breached the agreed requirements. Despite the breach, CBPL qualified for a 30% discount on the fine.

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EximPe secures RBI PA-CB in-principle licence

EntrackrEntrackr · 3d ago
EximPe secures RBI PA-CB in-principle licence
Medial

Snippets EximPe secures RBI PA-CB in-principle licence EximPe, a cross-border payment startup, has secured the Reserve Bank of India’s (RBI) Payment Aggregator Cross-Border (PA-CB) In-Principle licence (export and import). According to EximPe, this makes the company one of the first to receive this new regulatory authorization without any existing payments licences. With this licence, it plans to enable compliant cross-border pay-ins and pay-outs for digital services, e-commerce, and B2B goods trade, serving businesses across Asian emerging markets. The PA-CB licence will significantly enhance the company’s ability to facilitate seamless cross-border payments and simplify compliance for businesses engaged in international trade. The licence will enable the startup to transition from a technology platform enabling cross border payments to being able to provide a fully regulated cross border infra play. Founded in 2021 by Arjun Zacharia, EximPe is an all-in-one platform that provides real time rate booking, compliance, and trade documentation for businesses. The company serves a range of businesses who trade or sell services globally. The Mumbai-based company had previously raised $3.5 million in Series A round from Leo Capital and others. “With this licence, EximPe is uniquely positioned to support businesses in expanding in the highest growth global corridor between India-Asia, while simplifying complex regulatory and financial requirements. With the PA-CB licence, we want to expand our business by 10X by the end of FY 2026,” said Arjun Zacharia, CEO and founder of EximPe. The platform claims to have already processed over $450 million in transactions and serves more than 5,000 SMEs, manufacturers, and service providers. It aims to further strengthen its position as a leading cross-border payment infrastructure provider by expanding its capabilities with this new licence.

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