Irish central bank fines Coinbase Ireland $3.6 million over fund safeguarding failures
Summary
The central bank of Ireland has imposed a financial penalty of 3.6 million dollars on Coinbase Ireland. The disciplinary action stems from failures related to the safeguarding of customer funds, which occurred after the cryptocurrency exchange redirected clients to a different banking institution during 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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