The Central Bank of Ireland fined Coinbase Ireland €3,252,618 for breaching customer-fund safeguarding rules between November 2020 and August 2025. Its segregated customer-fund account was underfunded every day from January 1, 2023, to June 27, 2024, with the shortfall reaching €5.2 million in 2024. Coinbase Ireland relied on its US parent for calculating, checking, and transferring funds without having enough skilled staff to verify the work adequately. Funds belonging to 30 institutional clients were also held in Coinbase Inc.’s own cash for about 19 months, while former Coinbase UK customers continued sending deposits to their old UK account until August 2025. The central bank also found that Coinbase Ireland failed to disclose changes to its safeguarding arrangements promptly; no customer lost money, and the High Court must still approve the sanction.
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