Ireland's central bank fines Coinbase subsidiary €3.25 million

The Central Bank of Ireland imposed a €3.25 million fine (approximately $3.6 million) on Coinbase's Irish subsidiary for deficiencies in outsourcing governance and customer fund safeguarding. The regulator said the subsidiary depended too heavily on the U.S. Coinbase group to carry out customer fund safeguarding processes. The regulator said faulty system design and inadequate testing of controls also caused extended funding shortfalls in accounts designated to safeguard customer funds.