The Central Bank of Ireland fined Coinbase Ireland $3.6 million for failing to safeguard customer funds and provide adequate oversight between 2020 and 2025. Coinbase Ireland admitted the contraventions and agreed to the undisputed facts, and the regulator said it improperly relied on the US parent company to outsource certain services. The sanctions require approval from Ireland's High Court before taking effect. The regulator's enforcement director stressed that firms must have the right culture and expertise to protect customers. Coinbase Ireland launched in Ireland in 2018.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Cointelegraph ↗
Keywords
CoinbasecryptoregulationIreland
Open a keyword to see other news on the same topic.
Related news
- Irish central bank fines Coinbase Ireland $3.6 million over fund safeguarding failures
Ireland's central bank fined Coinbase Ireland 3.25 million euros ($3.6 million) for alleged failures to safeguard customer funds and oversee outsourced services, saying the unit relied excessively on its U.S. parent and lacked adequate systems and controls. The regulator cited a 2023 episode in which Coinbase directed 30 customers to deposit funds into an alternate account at another U.S. bank when Silvergate neared collapse, holding them alongside funds of another Coinbase entity's customers, and coding errors left a safeguarding account underfunded by an average of 0.54% in 2023 and the first half of 2024. Coinbase said no customer lost money or was unable to access funds. The penalty follows a 21.4 million-euro fine on Coinbase Europe in 2025 for anti-money laundering failures.
- Kazakhstan's AIFC Regulator Turns to Apple and Google to Enforce Coinbase, HTX Injunctions
Kazakhstan's Astana Financial Services Authority (AFSA) says it will serve Apple and Google with injunctions against Coinbase, HTX and four other unlicensed crypto platforms, since the court has not directly ordered the app store operators to act. The AIFC Court orders, announced on Oct. 20, bar BingX, Bitcoin.com, HTX, BitMart, Coinbase and WEEX from offering digital asset services in the AIFC or to users there without authorization, including distributing apps for that purpose. Justice Sir Stephen Richards said AFSA should first engage with Google and Apple, and limited the injunctions to the AIFC because amended digital assets law gave the National Bank of Kazakhstan the broader licensing role. AFSA says nine platforms restricted their apps in Kazakhstan, leading it to drop those cases, and seven others plan to apply for a license.
- Kazakhstan court bars Coinbase, five others from unlicensed crypto services in Astana International Financial Centre
Kazakhstan's financial regulator AFSA secured court orders restricting Coinbase and five other exchanges, including BingX, Bitcoin.com, Huobi Global (HTX), BitMart and WEEX, from offering or marketing unlicensed digital asset services in the Astana International Financial Centre (AIFC). The injunctions apply only to users within the AIFC, not nationwide, and bind Google and Apple as app-store operators, though the court declined to issue a separate injunction against them and said AFSA should first discuss necessary steps with the firms. LBank was removed from the case on Sept. 18 after addressing AFSA's concerns and blocking access in Kazakhstan. Other platforms failed to respond in time, so the court entered default judgment, and AFSA had begun warnings to more than 20 platforms in 2025.
- Kazakhstan court orders curbs on Coinbase, BingX and four others
A court in Kazakhstan's Astana International Financial Centre (AIFC) has barred 6 crypto platforms from offering digital-asset services without licenses and extended access restrictions to Google and Apple app stores, after the Astana Financial Services Authority (AFSA) sued their operators. The September 15 order initially named 7 platforms, including BingX, Coinbase and Huobi Global (HTX); LBank was dropped three days later after blocking access in Kazakhstan. AFSA said 9 other platforms voluntarily restricted app access, so it withdrew its claims against them, while 7 said they intend to seek licenses. AFSA said users of unlicensed platforms lack safeguards such as asset protection, complaints handling and dispute resolution. Coinbase, BingX and Huobi Global did not immediately respond to requests for comment.
- Crypto custody specialist Fireblocks denies it's in talks to be acquired by Visa
Crypto custody firm Fireblocks dismissed reports, which Axios attributed to multiple unidentified sources, that it is in late-stage talks to be acquired by Visa for $2.5 billion. A Fireblocks spokesperson said the talks were “news to us, and not true at present time.” The article notes that $2.5 billion would be a sharp drop from the $8 billion valuation when Fireblocks raised $550 million in 2022. Speculation about a sale had circulated for three or four weeks, and Coinbase was also reportedly considered a potential buyer. Visa and Coinbase did not respond to requests for comment.
- The Coinbase allegations expose Bitcoin's corporate governance gap
Onramp CEO Michael Tanguma argues that corporate bitcoin adoption will stall until companies can show who controls the funds, who approves transfers and whether the assets still exist. BlockTower Capital founder Ari Paul accused Coinbase of losing roughly $25 million of his firm's assets and concealing more than $1 billion in hacks across a dozen institutions; Coinbase denies this, and Paul says ongoing litigation prevents him from publishing his evidence, so outsiders cannot verify either claim. Unlike corporate bank or brokerage accounts, bitcoin often sits behind a single exchange login or hardware wallet, as when QuadrigaCX's CEO died in 2018 holding the only keys and about $190 million in customer assets was lost. A Deloitte survey of 200 CFOs found that the complexity of accounting and controls held back 42% of respondents, while more than 360 physical attacks on holders have been logged since 2014. The author argues that multisignature custody, native to bitcoin's protocol, can distribute risk instead of concentrating it in one person or company.
Related markets
Latest news
- Investors are punishing Big Tech's biggest spenders. Meta is the latest casualty.
Meta shares fell more than 7% on Thursday, wiping out about $125 billion in market value and erasing the stock's gain for the year. It was on track for its third straight drop of 5% or more the day after earnings, a first since its 2012 IPO. Revenue rose 26% to $64.6 billion, but Meta raised its full-year expense outlook, narrowed capital spending to $135–145 billion, and unveiled nonvoting shares it can sell to raise money. Analyst Gil Luria of D.A. Davidson said Zuckerberg will need to raise both debt and equity, while the cost of insuring Meta's debt climbed to its highest in months. Luria also said Meta is gaining share from Google and its ad sales are growing strongly; the stock has traded roughly between $500 and $800 since mid-2024, and a weekly close above $800 would signal a breakout while a close below $500 would open the door to a deeper slide.
- Oil Climbs Above $111 as AI Stocks Slide, Dragging the S&P 500 and Global Markets With Them
Brent crude rose 2.6% to $111.66 a barrel, its highest in five months, as AI-linked stocks slid and pulled the Nasdaq down 1.5% and the S&P 500 down 0.8% by mid-morning in New York. Asian markets also fell sharply, with South Korea's Kospi down 3.52%, Japan's Nikkei 225 down 2.65% and Hong Kong's Hang Seng down 3.03%, while China's CSI 300 entered a bear market. Nvidia fell 2.3% and Meta dropped 5.8% after its profit missed forecasts. The 10-year Treasury yield rose to 5.03% from 3.97% before the Iran war, ahead of the Fed's Oct. 28 decision. Citadel founder Ken Griffin said investors are 'almost certainly' in an AI bubble, though he did not tell them to sell.
- Oil Climbs Above $111 as AI Stocks Slide, Dragging the S&P 500 and Global Markets With Them
Brent crude rose 2.6% to $111.66 a barrel, its highest in five months, as AI-linked stocks slid and pulled the Nasdaq down 1.5% and the S&P 500 down 0.8% by mid-morning in New York. Asian markets also fell sharply, with South Korea's Kospi down 3.52%, Japan's Nikkei 225 down 2.65% and Hong Kong's Hang Seng down 3.03%, while China's CSI 300 entered a bear market. Nvidia fell 2.3% and Meta dropped 5.8% after its profit missed forecasts. The 10-year Treasury yield rose to 5.03% from 3.97% before the Iran war, ahead of the Fed's Oct. 28 decision. Citadel founder Ken Griffin said investors are 'almost certainly' in an AI bubble, though he did not tell them to sell.
- We're dipping back into the AI trade with our first data center buy in weeks
Jim Cramer's Charitable Trust is buying 10 shares of GE Vernova (GEV) at about 818 USD, lifting its weighting to about 2.15% from 1.9%, its first data center-related purchase since a Micron buy five weeks ago. The trust is buying into a Thursday sell-off driven by investor concern over how to fund the data center buildout, as cash flows are used up and debt financing grows less attractive, rather than weaker AI demand. GE Vernova was the third-worst S&P 500 performer that day and trades about 12% below its Aug. 24 level, when the trust downgraded it to a 2 amid caution on AI stocks; it has now been upgraded to a 1 to play for a bounce.
- Could Intel be the next trillion-dollar company?
Maverick Capital reportedly expects Intel to become a trillion-dollar company again, citing growing demand for CPUs used in AI inference. One speaker argues the story is compelling, pointing to huge chip demand, Intel's domestic chip production and strong government support, and notes the stock, though pulled back, sits right on its 200-day trend line. The others say they sold Intel long ago or never owned it, preferring holdings such as Nvidia, Broadcom and AMD. They describe a five- to seven-year wait that carried a large opportunity cost.
- Underdog taps zerohash to bring crypto deposits to prediction markets
Prediction market operator Underdog has partnered with zerohash to add cryptocurrency and stablecoin deposits, expected to launch later this year. Eligible users will be able to fund accounts through the app with near-instant transfers around the clock, without managing wallet addresses or choosing blockchain networks. Underdog has not yet said which cryptocurrencies or stablecoins will be supported. The company, founded in 2020, has more than 11 million registered accounts and is being acquired by IG Group for up to $1.3 billion, with closing expected in late 2026 or early 2027. Over the 30 days ending Oct. 21, its trading volume reached $1.4 billion, up 133%, still far behind Kalshi's $81.5 billion and Polymarket's combined $17.2 billion.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.