Irish regulator fines Coinbase Ireland $3.6 million over customer fund safeguarding lapses

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The Central Bank of Ireland has fined Coinbase Ireland approximately $3.6 million for failures in safeguarding customer funds. The penalty follows the collapse of Silvergate Bank in 2023, when Coinbase directed 30 customers to deposit money into an alternative account at a different U.S. bank. The case highlights concerns over how crypto platforms protect client assets during banking instability. The fine underscores growing regulatory scrutiny of crypto firms operating in the European Union.

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