Coinbase Ireland Fined $3.6M by Central Bank Over Fund Safeguarding Failures
The Central Bank of Ireland penalized Coinbase Ireland roughly $3.6 million, the exchange's second regulatory hit in Ireland in the past year.
AfroEuropa Newsroom
AfroEuropa desk
The Central Bank of Ireland has fined Coinbase Ireland around $3.6 million (€3,252,618) over failures linked to safeguarding customer funds, according to reporting by CoinDesk, Decrypt and Cointelegraph.
According to Decrypt, the regulator found that Coinbase Ireland relied too heavily on its U.S. parent company and left its safeguarding account underfunded. Decrypt reported that the penalty marks the second enforcement action against the exchange's European arm within the past year.
CoinDesk reported that when the U.S. bank Silvergate was close to collapse in 2023, Coinbase directed 30 customers to deposit funds into an alternate account the company held at a different U.S. bank.
Cointelegraph reported that, per the Central Bank of Ireland, Coinbase Ireland agreed with the facts set out in the enforcement action, and that the fines and sanctions are subject to approval by a high court.
Keep reading
Bitcoin ETF Inflows Top $1 Billion in Three Days but No Rally Follows
U.S. spot Bitcoin ETFs drew more than $1 billion in three sessions, yet prices failed to climb as past rallies relied on steadier daily demand.
Other highlights
EA Closes BioWare After 31 Years, Cancels Next Mass Effect
Electronic Arts is shutting down BioWare and its Edmonton studio, ending early work on a new Mass Effect game, according to reports.
Follow the story
One newsletter, two continents
The Bridge brings you the tech, startups, and leaders moving between Africa and Europe in one sharp email each morning. No spam, unsubscribe anytime.
