Fined €3.25 Million: Coinbase's Irish Subsidiary Penalized for Customer Fund Safeguarding Violations

Odaily: The Central Bank of Ireland has fined Coinbase's Irish subsidiary €3.25 million (approximately $3.6 million) due to deficiencies in its outsourced governance framework and inadequate customer fund safeguarding measures. The regulator noted that the company relied excessively on the U.S. Coinbase group to execute customer fund safeguarding processes, and that flawed system design and insufficient control testing also led to prolonged funding shortfalls in its designated customer fund safeguarding accounts.