Coinbase Group’s Irish subsidiary has been hit with a €3.25 million ($3.6 million) fine by the Central Bank of Ireland. The penalty stems from alleged weaknesses in the company’s internal processes, which the bank claims led to breaches of safeguarding obligations.
The central bank stated that Coinbase Ireland lacked an adequate outsourcing governance framework. According to the regulator, the company relied too heavily on its US-based parent, Coinbase Group, to implement safeguarding processes.
The fine highlights ongoing regulatory scrutiny facing cryptocurrency platforms, particularly around compliance and operational oversight. The Central Bank of Ireland emphasized the importance of robust frameworks to ensure consumer protection and financial stability.