Central Bank fines Coinbase Ireland €3.25m for safeguarding failures
Briefing by News4U · First published
Ireland’s Central Bank fined Coinbase Ireland €3.25m for outsourcing and safeguarding breaches between 2020 and 2025, its second penalty after a €21.5m AML fine in 2025.
The Central Bank of Ireland fined Coinbase Ireland €3.25m for breaching safeguarding and outsourcing obligations under the Electronic Money Regulations 2011 from November 2020 to August 2025, marking the second penalty after a €21.5m fine in November 2025 for AML breaches between April 2021 and March 2025. [1] [2]
The regulator found Coinbase Ireland relied excessively on the US-based Coinbase Group, lacked local expertise, maintained inadequate internal controls and allowed its safeguarding account to be underfunded for lengthy periods, including an average shortfall of 0.54% in 2023 and the first half of 2024. [1] [2]
Sources
- Coinbase hit with second Central Bank fine for breaches
RTÉ Business · · Full text
- Irish central bank fines Coinbase Ireland $3.6 million over fund safeguarding failures
CoinDesk · · Full text