Coinbase Europe, in a masterclass of mismanagement, coughs up €21.5 million to the Central Bank of Ireland after its compliance software decided to take a year-long siesta.
Ah, Coinbase Europe Limited, the European arm of the American crypto darling, has managed to make headlines once again-though not the kind you’d brag about at a dinner party. The Central Bank of Ireland, with the patience of a saint or perhaps the sternness of a headmistress, has extracted a tidy sum of €21.5 million from Coinbase’s coffers. This delightful penalty stems from the company’s failure to properly monitor over 30 million transactions. What’s €176 billion between friends, after all? 🤷♂️
Coding Catastrophe: Coinbase’s AML Monitoring Goes AWOL
In a twist that would make a soap opera writer blush, Coinbase admitted to three-yes, three-coding errors that left its transaction monitoring software in a state of disarray. Five out of twenty-one monitoring scenarios were apparently on holiday, leaving billions unsupervised. One can only imagine the criminals rubbing their hands together with glee. 🕵️♂️
Related Reading: Crypto News: Coinbase Asks Treasury to Align GENIUS Act Rules with Congressional Intent | Live Bitcoin News
Coinbase has graciously accepted its role as the poster child for compliance failures, admitting to inadequate internal controls and missing the memo on terrorist financing and money laundering. To add insult to injury, they also failed to monitor an additional 184,790 transactions. Oversight? Who needs it when you’re busy counting your crypto billions? 💸
The Central Bank’s Deputy Governor, Colm Kincaid, was quick to point out the severity of the situation. He emphasized that financial institutions like Coinbase are the gatekeepers against criminal activity. And gatekeepers? Well, they’re supposed to keep the gates closed. 🚪
Crypto assets, with their cross-border anonymity, are a magnet for nefarious activities. Companies in the crypto sphere must implement robust controls-lest they become the unwitting facilitators of global mischief. 🌍
Coinbase’s Late-Night Reports: Better Late Than Never?
After a Herculean effort spanning nearly three years, Coinbase finally managed to review all the unmonitored transactions. The result? A staggering 2,700 suspicious transaction reports (STRs) handed over to the authorities. These reports flagged everything from money laundering to cyber-attacks, fraud, drug trafficking, and even child exploitation material. Quite the laundry list of criminal activities. 🧺
Coinbase, ever the optimist, revealed that the issue was uncovered through internal testing. The coding errors were swiftly fixed, and the company has since bolstered its testing protocols and monitoring systems. Because, as we all know, hindsight is 20/20-especially when it comes to avoiding €21.5 million fines. 👀
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2025-11-07 08:27