Coinbase Ireland has agreed to pay €3.25 million in a settlement with the Central Bank of Ireland over historical customer-fund safeguarding practices, the company said in its October 22 statement.
The issues included safeguarding calculations and outsourcing arrangements. Coinbase says the problems have been resolved and no customer lost money or access to funds.
The case concerns the Irish electronic-money institution providing fiat services. It highlights how a crypto platform’s compliance obligations extend beyond digital assets to the handling of conventional customer money.
