The Central Bank of Ireland has imposed a €21.5 million fine on Coinbase Europe for anti-money laundering (AML) failures, highlighting concerns over the firm's ability to counter the financing of terrorism. The company reportedly failed to adequately monitor 30 million transactions, totaling €173 billion, between 2021 and 2022. These compliance issues were not disclosed during Coinbase's 2022 Virtual Asset Service Provider (VASP) registration and only came to the attention of senior management in May 2023.
Coinbase's VASP license in Ireland is set to expire by 2025, as the company plans to relocate its operations to Luxembourg. The Central Bank criticized the oversight by Coinbase's parent company as ineffective during the period in question.
Coinbase Fined €21.5M by Ireland for AML Failures, Plans Exit by 2025
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