Coinbase Ireland’s customer-cash safeguarding account was short by about €5 million in 2024, following daily underfunding recorded from January 2023 through June 27, 2024. The Central Bank of Ireland found no evidence of actual harm but said an insolvency could have prevented customers from recovering their money promptly and in full. Coinbase Ireland admitted the breaches and accepted a reprimand and a €3,252,618 penalty, subject to High Court confirmation. Calculation, fund-segregation and outsourcing failures were remedied between June and December 2024, followed by a risk-mitigation program that closed in June 2026 after external assurance.
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