Coinbase Ireland Fined €3.25M Over Fund Safeguarding Failures
Edited by Steinar Vigdel Kolnes, Editor, Oslo
Ireland’s central bank fined Coinbase Ireland €3.25 million over excessive reliance on its U.S. parent and a shortfall in its safeguarding account.
Coinbase Ireland has received a €3,252,618 penalty, roughly $3.6 million, from the Central Bank of Ireland over shortcomings in its fund-safeguarding arrangements.
The regulator’s action concerned the company’s excessive dependence on its U.S. parent and insufficient funds in its safeguarding account.
The penalty marks the second regulatory fine against Coinbase’s European arm within the past year, according to Decrypt.
Source: Decrypt
