Coinbase Ireland accepted €3.25 million penalty for safeguarding shortfall up to €5 million in 2024

The Central Bank of Ireland disclosed that Coinbase Ireland's customer-cash safeguarding account was short by about €5 million in 2024, with daily underfunding occurring from Jan. 1, 2023, through June 27, 2024. The regulator found no evidence of actual consumer harm, but noted that inadequate safeguarding could have hindered repayments in an insolvency. Coinbase Ireland accepted a €3,252,618 penalty and reprimand, which still require High Court confirmation. Coinbase stated it fully addressed concerns, and the funding shortfall and underlying defects were fixed by October 2024.