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.
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