Core Insights - Ireland's financial watchdog has imposed a €21.5 million ($25 million) fine on Coinbase Global's Irish subsidiary due to significant failures in transaction monitoring systems, which left over 30 million transactions worth more than €176 billion unmonitored for a year [2][3][4] Group 1: Regulatory Actions - The fine is a result of breaches in anti-money laundering and counter-terrorist financing obligations, which allowed potential criminal activities to go undetected [3][4] - The Central Bank of Ireland identified three coding errors in Coinbase Europe's transaction monitoring system that caused five out of 21 red-flag scenarios to fail during 2021 and 2022 [4][5] Group 2: Impact on Operations - Coinbase took nearly three years to complete the monitoring of the affected transactions, leading to the reporting of 2,708 suspicious transactions to authorities for further investigation [5][6] - The monitoring failures have implications beyond Europe, as Coinbase Europe provides services globally, potentially affecting transactions worldwide [6]