Ireland's central bank has fined Coinbase's Irish arm $3.6 million over failures in customer fund safeguarding and internal oversight, according to Cointelegraph. The regulator's enforcement notice, described as issued on a Thursday, covers violations that took place between 2020 and 2025.
Cointelegraph reports that Coinbase Ireland admitted to the prescribed contraventions and accepted the undisputed facts as part of the settlement. The central bank also found that the company improperly relied on its US parent to outsource certain services rather than maintaining oversight locally, per the outlet.
The fine and any related sanctions still require sign-off from Ireland's high court before they take effect, Cointelegraph states. Coinbase Ireland first began operating in the country in 2018, obtained an e-money license from the central bank in 2019, and registered as a virtual asset service provider in 2022, according to the report.
What remains unclear from the available reporting is the specific nature of the safeguarding and oversight lapses, whether the high court has yet approved the penalty, and whether any sanctions beyond the monetary fine were imposed. Cointelegraph's account does not elaborate on implications for Coinbase's other regional operations.
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