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

Irish Central Bank fines Coinbase — The Central Bank of Ireland has fined Coinbase Ireland 3.25 million euros ($3.6 million) for alleged failures in safeguarding customer funds and overseeing outsourced services.

The regulator stated that Coinbase Ireland’s Irish entity relied excessively on its U.S.-based parent company and lacked adequate internal systems and controls. The central bank’s investigation also found that coding errors led to a safeguarding account being underfunded by an average of 0.54% throughout 2023 and the first half of 2024.

Coinbase disclosed the fine and stated that no customers lost money or were unable to access their funds as a result of the issues. The company said it has since remediated the control deficiencies identified by the regulator.

This penalty follows a separate 21.4 million-euro fine levied against Coinbase Europe by the Irish central bank in 2025 for anti-money laundering compliance failures, highlighting ongoing regulatory scrutiny of the exchange’s European operations.