The Central Bank of Ireland has fined Coinbase's Irish subsidiary €3.25 million (approximately $3.6 million) over defects in its outsourcing governance framework and inadequate client fund safeguarding measures. Regulators found the firm relied excessively on the US Coinbase group to carry out safeguarding processes, with system design flaws and insufficient control testing leading to persistent shortfalls in designated client fund accounts.
A Coinbase spokesperson attributed the issues primarily to the 2023 US banking crisis, when the company directed customers to deposit funds into other Coinbase bank accounts to mitigate losses from potential bank failures. This practice resulted in customer funds being commingled with those held by other Coinbase entities, breaching regulatory requirements. The penalty follows a €21.5 million fine imposed on Coinbase Europe last year for anti-money laundering and counter-terrorist financing transaction monitoring violations.
Coinbase Irish Subsidiary Fined €3.25 Million for Client Fund Safeguarding Breaches
Sorumluluk Reddi: Phemex Haberler'de sunulan içerik yalnızca bilgilendirme amaçlıdır. Üçüncü taraf makalelerden alınan bilgilerin kalitesi, doğruluğu veya eksiksizliğini garanti etmiyoruz. Bu sayfadaki içerik finansal veya yatırım tavsiyesi niteliği taşımaz. Yatırım kararları vermeden önce kendi araştırmanızı yapmanızı ve nitelikli bir finans danışmanına başvurmanızı şiddetle tavsiye ederiz.
