Ireland fines Coinbase again, this time over how it protected customer money

The Central Bank of Ireland fined Coinbase Ireland Limited 3,252,618 euros over inadequate protection of customer funds under the Electronic Money Regulations 2011, with breaches from 1 November 2020 to 19 August 2025. Coinbase Ireland issues e-money that customers exchange for fiat before trading. The regulator said the firm lacked an adequate outsourcing framework and in-house expertise, relied on its US parent for controls, and left its designated safeguarding account underfunded for long periods. Coinbase admitted the contraventions; an initial 4,646,597-euro penalty was cut by 30% under the settlement scheme, with a reprimand, and still needs High Court confirmation. It was Ireland’s second penalty on Coinbase’s European operations in under a year.