The Central Bank of Ireland recently fined Coinbase Europe €21.5 million (approximately $24.7 million) for significant lapses in anti-money laundering (AML) and counter-terrorism financing. The fine stemmed from an investigation that uncovered systemic failures in Coinbase Europe's transaction monitoring since April 2021. The investigation revealed that 31% of the exchange's trading volume—over 30 million transactions with a total value of €176 billion—was not audited. Due to internal control deficiencies, Coinbase Europe failed to report 2,708 mandatory suspicious activity reports. This settlement, pending approval from the High Court, will be one of the largest cryptocurrency enforcement actions in Europe. This incident further highlights the importance of compliance as regulators increasingly tighten their oversight of digital asset platforms.
The Central Bank of Ireland fined Coinbase Europe €21.5 million for failing to comply with anti-money laundering regulations.
The Central Bank of Ireland has fined Coinbase Euro PE €21.5 million (approximately $24.7 million) for significant lapses in its anti-money laundering (AML) and counter-terrorism financing efforts. The fine stems from an investigation that uncovered systemic failures in Coinbase Europe's transaction monitoring since April 2021, during which 31% of the exchange's trading volume—more than 30 million transactions totaling €176 billion—went unchecked.
Due to internal control deficiencies, Coinbase Euro OPe failed to report 2,708 mandatory suspicious activity reports. This settlement, pending approval from the High Court, will be one of the largest cryptocurrency enforcement actions in Europe. Regulatory scrutiny is becoming increasingly stringent as regulators require digital asset platforms to strengthen their oversight.
