The Central Bank of Ireland (CBI) says Coinbase Ireland’s safeguarding case is its fifth settlement under a revised enforcement procedure, highlighting how the regulator is applying its post-2023 accountability framework.
The CBI said the revised Administrative Sanctions Procedure followed changes introduced by the 2023 Individual Accountability Framework Act.
The agreement includes a €3,252,618 penalty, reduced 30% from €4,646,597 under the CBI’s settlement process, and a reprimand.
Funds connected to Coinbase Ireland customers were held alongside money associated with other Coinbase entities. Customers of those entities could withdraw from the account through Jan. 19, 2024.
The CBI cited reliance on a U.S.-based Coinbase Group company, insufficient local expertise and oversight, and errors in safeguarding data and reconciliation.
The regulator found no evidence of actual consumer detriment, but said insolvency could have delayed customers’ access to their money or left them short. EconoTimes previously outlined the settlement’s core terms.
The CBI said it will apply to the High Court for confirmation as soon as practicable. It has not given a date for the application.
