Core Points - The Central Bank of Ireland fined Coinbase €21.5 million ($24.7 million) for transaction monitoring failures linked to potential criminal activities [1][2] - The fine was imposed for breaching anti-money laundering and counter-terrorist financing obligations from 2021 to 2025 [2] - Coinbase failed to monitor over 30 million transactions, totaling €176 billion, which represented approximately one-third of its transfers in Europe [3] - Some transactions, amounting to €13 million, are suspected to be associated with serious crimes such as child sexual exploitation and drug trafficking [4] - The initial fine was over €30 million but was reduced following an agreement with Coinbase [4] - Coinbase acknowledged "technical programming errors" that have since been corrected [4] - The crypto industry aims to improve its image and position itself as a legitimate alternative to traditional finance [4] - The deputy governor of the Central Bank highlighted the unique risks of crypto, including its anonymity and cross-border nature, which attract criminal activities [5]

Core Points - Coinbase Europe Limited has agreed to pay a €21.5 million ($24.7 million) fine to the Central Bank of Ireland due to coding failures that left thousands of customer transactions unscreened for suspicious activity between 2021 and 2022 [1][3] - The failures affected approximately 31% of all transactions conducted by Coinbase Europe during the specified period, amounting to over $202 billion [2] - Coinbase identified three coding errors that caused five of its 21 transaction monitoring scenarios to malfunction, leading to partial screening of certain transactions [3][5] - A review led to the re-analysis of around 185,000 transactions out of approximately 97 million processed, resulting in about 2,700 suspicious transaction reports (STRs) filed with Irish authorities, covering a total value of €13 million [4] - The Central Bank's decision was influenced by Coinbase's average annual revenue in Europe, estimated at €417 million between 2021 and 2024 [5] - Coinbase has since fixed the coding flaws and strengthened its monitoring systems and compliance checks to prevent future lapses [5] - In 2023, Coinbase selected Ireland as its European hub, enabling operations across all 27 EU member states once the Markets in Crypto-Assets (MiCA) regulation takes effect [6] - The settlement adds to a series of regulatory challenges faced by Coinbase's international entities, including a £3.5 million ($4.5 million) fine imposed on its UK-based subsidiary for breaching restrictions on onboarding high-risk customers [7] - The FCA found that the UK subsidiary provided e-money services to over 13,000 high-risk customers, who collectively transferred nearly $226 million through Coinbase-linked platforms despite the restrictions [8]

Core Points - The Central Bank of Ireland has imposed a fine of nearly €21.5 million ($24.7 million) on Coinbase Europe Limited for failing to monitor money laundering and terrorist financing effectively [1][2] - The penalty is attributed to coding errors in the transaction monitoring system that affected operations during 2021 and 2022 [2][6] - Coinbase's average annual revenue from 2021 to 2024 was reviewed to determine the fine's value, totaling €417 million [3] Compliance and Operations - Coinbase is a registered Virtual Asset Service Provider (VASP) in Europe and is required to monitor customer transactions for suspicious activities [3][4] - The company failed to supervise approximately 31 transactions over a 12-month period, with a total value exceeding €176 billion [5] - Despite the settlement, Coinbase is committed to regulatory compliance and has made efforts to rectify coding errors in its Transaction Monitoring System, although some loopholes remain [6] Strategic Moves - Coinbase has been expanding its operations, including a recent investment in CoinDCX, a major cryptocurrency exchange in India, and the acquisition of Echo, an on-chain capital raising platform [7]

Core Viewpoint - Coinbase Global (COIN) stock is expected to rise, potentially surpassing $400, driven by significant revenue and profit growth, as well as ambitions for a national bank charter [2][8]. Financial Performance - For Q3 2025, Coinbase reported total revenue of approximately $1.87 billion, a 54.5% increase from $1.21 billion in the same quarter the previous year [4]. - The diluted net income attributable to common stockholders surged from $75.46 million to $437.1 million, marking a 479% year-over-year increase [5]. - Cash and cash equivalents slightly increased from $8.54 billion to $8.68 billion, while crypto assets held for investment rose from $1.55 billion to $2.6 billion [6]. Market Position - Coinbase is recognized as the leading cryptocurrency trading platform in the U.S., with strong brand-name recognition and significant revenue growth [3][6]. - The stock has previously reached $400, and given the financial growth, it is plausible for the share price to revisit this level soon [6]. Strategic Ambitions - Coinbase aims to acquire a national U.S. bank charter, which would enhance its legitimacy in the financial sector amid skepticism from traditional bankers regarding the cryptocurrency industry [9].

Core Points - The Central Bank of Ireland (CBI) fined Coinbase Europe Limited €21.46 million for significant anti-money-laundering (AML) and counter-terrorist-financing (CTF) monitoring failures [1][5] - This fine represents the first enforcement action against a crypto company in Ireland, indicating increasing regulatory scrutiny on digital asset exchanges [1][5] Regulatory Findings - CBI found that Coinbase failed to monitor over 30 million transactions valued at €176 billion from April 2021 to March 2025, with system faults affecting approximately 31% of all transactions during this period [2][3] - The lapse in monitoring delayed the identification of suspicious activities related to money laundering, fraud, ransomware, drug trafficking, and child exploitation [3][4] Compliance Issues - Deputy Governor Colm Kincaid highlighted that system failures can provide opportunities for criminals to evade detection, stressing the need for stronger oversight due to the cross-border nature and anonymity features of crypto [4] - Coinbase's system misconfiguration was not a deliberate attempt to bypass the law, but operational failures are still treated seriously under AML laws [4][5] Settlement and Impact - The initial proposed fine was €30.66 million, which was reduced by 30% due to Ireland's "undisputed facts settlement" process [5] - The penalty is pending confirmation by Ireland's High Court before it takes effect [5] User Concerns - The enforcement action does not impact wallet balances, trading access, or funds held on the exchange for everyday Coinbase users, as the issue pertains to internal monitoring systems [6] - However, this case raises concerns about Coinbase's compliance infrastructure as it seeks greater regulatory legitimacy [6] Business Developments - Coinbase is applying for a US National Trust Charter to expand its custody and institutional services, with regulators likely to investigate potential weaknesses in other jurisdictions [7] - The fine comes during a transformative period for Coinbase, which recently acquired Echo for $375 million to enhance its tokenized asset issuance capabilities [9]

🇺🇸 UPDATE: Trump's GENIUS Act debate heats up. Coinbase argues non-issuers should be allowed to pay stablecoin interest.Bank groups push Treasury to ban yield across the board. https://t.co/lI2nBwRzck ...

Core Points - The Central Bank of Ireland has fined Coinbase Europe $24.8 million for failing to meet anti-money laundering and counter-terrorist financing obligations, marking the first enforcement action against a cryptocurrency company in Ireland [1] - The fine was imposed due to breaches in transaction monitoring obligations between 2021 and 2022, where over 30 million transactions valued at more than €176 billion were not properly monitored, representing around 31% of all Coinbase Europe transactions [2] Company Actions - Coinbase Europe took nearly three years to complete retrospective monitoring, resulting in 2,708 Suspicious Transaction Reports submitted for potential investigation, which included various serious allegations such as money laundering and fraud [3] - The company identified coding errors in its Transaction Monitoring System that led to overlooked transactions, and has since corrected these errors, leading to the detection of 185,000 transactions requiring further compliance investigation [4] - Coinbase has enhanced its transaction monitoring oversight and strengthened internal testing to prevent future breaches [4] Regulatory Context - The settlement reduced the total sanction from nearly €31 million under the CBI's 30% discount scheme, pending confirmation from the High Court for the sanctions to take effect [5] - The CBI emphasized the importance of regulated financial institutions having effective systems to monitor transactions to combat financial crime [2]

BREAKING: 🇺🇲 BlackRock has just moved 4,562 $BTC worth $480 million to Coinbase. https://t.co/IMc6kMGgAp ...

🚨UPDATE: COINBASE EUROPE LIMITED (CBEL) REACHES SETTLEMENT WITH CENTRAL BANK OF IRELAND, AGREES TO PAY €21.5 MILLION FINE OVER MONITORING OBLIGATION BREACHES LINKED TO 2021–2022 CODING ERRORS ...

Ireland's central bank fined an Irish subsidiary of cryptocurrency exchange Coinbase Global 21.5 million euros ($25 million) on Thursday for breaching anti-money laundering and counter-terrorist trans... ...