Central Bank of Ireland fines Coinbase €3.25 million over customer fund safeguarding failures

The Central Bank of Ireland fined Coinbase Ireland €3.25 million following failures to properly protect customer funds over several years. System errors caused a designated customer-funds account to be short by as much as €5.2 million in 2024. Coinbase stated that no customers lost money or access to their funds. This penalty highlights increasing regulatory scrutiny on crypto firms, emphasizing the critical need for robust governance and compliance for companies operating within Europe.