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Founded in 2012, Signature Litigation has grown into one of London’s pre-eminent specialist dispute resolution practices. From the outset, we set out to do things differently: a conflict-free, disputes-only platform designed to give clients the undivided focus and strategic agility that complex, high-stakes matters demand.
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Frankfurt has emerged as one of Europe's foremost financial and commercial centres and, increasingly, as a bridge between European and Asian markets. With that growth comes an increasing demand for sophisticated dispute resolution. Signature Litigation established its Frankfurt office to meet this need, bringing our conflict-free, disputes-only platform to the German market.
FIND OUT MOREPartner Kate Gee comments on the Financial Conduct Authority bringing its first enforcement action under the Electronic Money Regulations against a firm enabling cryptoasset trading, fining CB Payments GBP 3.5m. Kate’s comments were published 25 July 2024 in Reuters, City A.M., UK Tech News, Law360, ICLG, Yahoo! Finance, AOL, Zawya, MSN International, BM Business News, Cryptopolitan, World of Software, Bitcoinist, CoinJournal, and Solicitors Journal. Further commentary from Kate was also published in the Financial Times' Banking Risk and Regulation, 29 July 2024.
Commenting on the enforcement action, Kate said, "The action against CB Payments Limited (CBPL) is the first taken by the FCA under the Electronic Money Regulations 2011. It should be considered a warning to firms to consider their financial crime controls as hugely important, in particular in the crypto sector where there are increased money laundering risks.
"Coinbase operates a global cryptoasset trading platform; part of it - CBPL - has been fined GBP 3,503,546 by the FCA for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers.
"Despite being subject to restrictions pursuant to a voluntary requirement (VREQ) entered into in October 2020, CBPL onboarded and/or provided e-money services to 13,416 high-risk customers. The FCA found that the CBPL’s breaches were “the result of CBPL’s lack of due skill, care and diligence in the design, testing, implementation and monitoring of the controls put in place to ensure that the VREQ was effective.
"Firms that do not do enough to protect against financial crime and who fail to comply with operational restrictions in place will face scrutiny and enforcement action."
