Irish Central Bank Fines Coinbase Ireland $3.6 Million for Fund Safeguarding Failures

The Central Bank of Ireland (CBI) fined Coinbase Ireland 3.25 million euros ($3.6 million) for alleged failures in safeguarding customer funds and overseeing outsourced services. The CBI stated that Coinbase Ireland placed excessive reliance on its U.S.-based parent for safeguarding processes and lacked adequate system design and control testing. Coinbase disclosed that coding errors left a safeguarding account underfunded by an average of 0.54% in 2023 and the first half of 2024, though the company said no customers lost money or were unable to access their funds. This penalty follows a 21.4 million-euro fine imposed on Coinbase Europe in 2025 for anti-money laundering failures.