Coinbase · Decrypt
Coinbase Fined Again in Ireland, This Time $3.6 million Over Fund Safeguarding
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Coinbase’s Irish arm has been fined roughly $3.6 million by the Central Bank of Ireland for failing to properly protect customer funds, the regulator’s second enforcement action against the exchange’s European operations in less than a year.
Key facts
- The regulator said Thursday it penalized Coinbase Ireland €3,252,618 for breaching safeguarding and outsourcing rules under the country’s Electronic Money Regulations between November 2020 and August
- The figure reflects a 30% discount off a €4,646,597 penalty for settling, which Coinbase Ireland reached with the regulator on Oct. 21
- Coinbase’s Irish arm has been fined roughly $3.6 million by the Central Bank of Ireland for failing to properly protect customer funds, the regulator’s second enforcement action
- Coinbase Ireland is an e-money institution within the broader Coinbase Group, issuing the digital money customers use to buy crypto on the platform
Summary
The Central Bank of Ireland fined Coinbase Ireland €3,252,618 (about $3.6 million) for breaching safeguarding and outsourcing rules between November 2020 and August 2025. Regulators found the firm relied too heavily on its U.S. parent for compliance, lacked local oversight expertise, and let its designated safeguarding account stay underfunded for lengthy periods; Coinbase admitted the breaches. It’s Ireland’s second action against Coinbase’s European business in the last year. The regulator said Thursday it penalized Coinbase Ireland €3,252,618 for breaching safeguarding and outsourcing rules under the country’s Electronic Money Regulations between November 2020 and August 2025.