Irish central bank fines Coinbase unit €3.25 million
COIN•COIN•COIN•COIN•The Central Bank of Ireland fined Coinbase’s Irish unit €3.25 million for breaching safeguarding and outsourcing obligations between 2020 and 2025. Coinbase said it self-reported the issues and no customers lost access to funds or suffered financial loss.
The Central Bank of Ireland said the fine followed a settlement with Coinbase Ireland and addressed breaches of rules on protecting customer funds and maintaining confidence in the financial system. The violations occurred between 2020 and 2025.
A Coinbase spokesperson said the company self-reported the issues and that no customers suffered financial loss or were unable to access their funds. The spokesperson said the issues largely arose as Coinbase took steps to protect customers during periods of significant disruption. Last year, the bank fined a Coinbase subsidiary €21.5 million for breaches of anti-money laundering and counter-terrorist transaction monitoring obligations.
