Coinbase Ireland’s cash safeguards fell €5 million short before 2024 fix

Coinbase Ireland’s customer-cash safeguarding account was short by about €5 million in 2024, a settlement disclosed by the Central Bank of Ireland on Oct. 22 shows. The regulator said the historical failures could have hindered customers’ recovery of their money if the company had become insolvent. The Central Bank found no evidence that consumers suffered actual harm in this case. Coinbase Ireland admitted breaches and accepted a reprimand and a €3,252,618 penalty, according to the regulator’s announcement . Both sanctions still require High Court confirmation before taking effect. The case concerns Coinbase Ireland Limited, the group’s e-money institution.

Source: CryptoSlate