Central Bank of Ireland fines Coinbase Europe Ltd €21.5M for failing to monitor over 30M transactions worth more than €176B during a 12-month period, breaching AML/CFT obligations

The Central Bank found that Coinbase Europe had significant deficiencies in its transaction monitoring systems, resulting in prolonged failures to detect and report suspicious activity. It also cited weaknesses in governance, risk assessment, and oversight arrangements, concluding that the firm’s AML control framework was not commensurate with the scale and complexity of its operations.