Central Bank of Ireland Fines Coinbase Unit €3.25 Million Over Customer Fund Safeguarding Failures
By Micah Zimmerman
AI summary of the source article
The Central Bank of Ireland has fined Coinbase Ireland Limited €3.25 million for customer fund safeguarding failures and excessive reliance on its US parent company for compliance.
Why it matters
Enforcement director Karen O’Leary stated: "Payment and e-money firms have a fundamental obligation to fully safeguard customers’ funds. The Central Bank has made its supervisory expectations in this regard clear: we have no tolerance for weaknesses in safeguarding arrangements."
Key facts
- The Central Bank of Ireland imposed a €3.25 million fine on Coinbase Ireland after applying a 30% settlement discount to a €4.65 million base penalty.
- Breaches under Ireland's Electronic Money Regulations spanned from November 2020 to August 2025 and included underfunded safeguarding accounts.
- Coinbase stated that it self-reported many issues in January 2024 and confirmed no customer lost money or access to funds.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Central Bank of Ireland Fines Coinbase Unit €3.25 Million Over Customer Fund Safeguarding Failures Ireland’s central bank has fined Coinbase Ireland €3.25 million for allowing customer funds to mix with other Coinbase entities’ money and for relying on its US parent to run safeguarding controls. This post Central Bank of Ireland Fines Coinbase Unit €3.25 Million Over Customer Fund…