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Coinbase Europe Settles with Irish Central Bank Over Transaction Monitoring Errors

Coinbase Europe Settles with Irish Central Bank Over Transaction Monitoring Errors

Ireland’s central bank fined Coinbase Europe €21.5 million after millions of transactions, including some linked to criminal activity, went unmonitored between 2021 and 2025.

Fact Check
The statement is overwhelmingly supported by multiple, high-authority sources. The Central Bank of Ireland, a primary party in the matter, confirms on its official website that it took enforcement action against Coinbase Europe for anti-money laundering failures. This is directly corroborated and further detailed by several major Irish news organizations, including RTÉ (Ireland's national public broadcaster), the Irish Times, and the Business Post. These outlets consistently report that Coinbase Europe was fined a significant sum (around €21.5 million) and explicitly state that the penalty was due to breaches and faults related to its "transaction monitoring" obligations. The evidence is highly consistent, comes from credible and authoritative sources, and directly validates every component of the statement. There is no conflicting evidence among the relevant sources.
Summary

The Central Bank of Ireland fined Coinbase Europe €21.5 million for failing to monitor over 30 million transactions between April 2021 and March 2025, some connected to suspected criminal offences. The lapses, representing 31% of the company's activity during that period, were caused by faults in its transaction monitoring system, necessitating nearly three years of retrospective reviews and leading to thousands of suspicious transaction reports. Coinbase admitted the breaches and received a 30% settlement discount.

Terms & Concepts
  • Central Bank of Ireland: Ireland's primary financial regulator overseeing banks, payment firms, and financial market conduct.
  • Transaction Monitoring System (TMS): A compliance tool designed to analyze financial transactions, detect suspicious patterns, and trigger alerts or reports for potential illicit activity.
  • Suspicious Transaction Report (STR): A formal report submitted by regulated institutions to financial intelligence units when transactions are deemed potentially linked to criminal activity.