Irish central bank fines Coinbase Ireland $3.6 million over fund safeguarding failures
Summary
The Central Bank of Ireland has penalized Coinbase Ireland with a multi-million dollar fine due to issues regarding how customer funds were protected. The regulatory action followed an incident in 2023 when the company directed users to move deposits to a different banking partner as Silvergate faced failure.
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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