U.S. banking regulators have banned a former foreign exchange (FX) trader with Barclays PLC over his conduct in the market.

The U.S. Federal Reserve Board announced that Michael Weston, a former FX trader with Barclays, has been banned from participating in the banking industry for engaging in “unsafe and unsound practices by using electronic chat rooms to discuss the co-ordination of trading around FX benchmark fixes and to disclose confidential information of Barclays and its customers to traders at other organizations.”

The Fed says that Weston agreed to the enforcement action. Citing compliance and control failures concerning practices in the FX markets, the regulator required the bank to pay a US$342 million civil money penalty and to engage in extensive remediation.