The Central Bank of Ireland (CBI) has asked Coinbase Europe Limited (CBEL) to pay a fine of nearly €21.5 million, equivalent to $24.7 million. This is for failing in its obligations to monitor money laundering and terrorist financing. Per an official statement from the cryptocurrency exchange, the settlement concerns coding errors that affected transaction monitoring in 2021 and 2022.
Coinbase Fails in Duty as European VASP
Coinbase announced that it has agreed to a $24.7 million settlement with the Central Bank of Ireland. This is a penalty for certain technical coding errors that impacted how the crypto exchange monitored transactions in the region between 2021 and 2022.
The CBI determined the fine’s value by reviewing the company’s average annual revenue for 2021 to 2024, which totaled €417 million. It is worth noting that CBEL is a registered Virtual Asset Service Provider (VASP) in Europe.
In 2023, it received a license in France to fully provide crypto serv
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