Irish central bank fines Coinbase Ireland $3.6 million over fund safeguarding failures

Coinbase Ireland was hit with a 3.25 million-euro ($3.6 million) fine from the country’s central bank over alleged breaches of its safeguarding and outsourcing obligations. The Irish division of cryptocurrency exchange Coinbase Global COIN $170.30 failed to establish an adequate outsourcing governance framework, the Central Bank of Ireland (CBI) said on Thursday . Safeguarding and outsourcing requirements underpin the protection of customer funds. Companies are obliged to keep them adequately funded and monitored and set up procedures to report to the regulator when material changes occur.

Also reported by Coinotag.

Source: CoinDesk