Irish central bank fines Coinbase Ireland $3.6 million over fund safeguarding failures
Summary
The Irish central bank has penalized Coinbase Ireland with a multi-million dollar fine due to failures in protecting customer funds. The regulatory action follows an incident where the cryptocurrency firm directed users to move deposits to a different American financial institution amid the collapse of Silvergate.
When Silvergate was on the verge of collapse in 2023, Coinbase instructed 30 customers to deposit funds into an alternate account held by Coinbase at another U.S. bank.
Source: Read the full story at CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
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