Coinbase Fined $24.7 Million by Irish Regulator for AML Monitoring Failures
Coinbase Fined $24.7 Million by Irish Regulator for AML Monitoring Failures
The Central Bank of Ireland has imposed a significant fine of $24.75 million (€21,464,734) on Coinbase for failing to meet its anti-money laundering (AML) and counter-terrorist financing (CTF) monitoring obligations between 2021 and 2025. This action highlights increasing regulatory pressure on cryptocurrency exchanges to ensure compliance with financial crime prevention standards.
Irish Regulator Hits Coinbase With $24.7M Fine For AML Monitoring Failures
The Central Bank of Ireland has taken enforcement action against Coinbase, fining the cryptocurrency exchange $24.75 million (€21,464,734). The penalty stems from breaches of anti-money laundering (AML) and counter-terrorist financing (CTF) monitoring obligations that occurred over a period from 2021 to 2025. This regulatory move underscores the global trend of financial authorities increasing their scrutiny of crypto platforms to ensure robust compliance frameworks are in place to prevent illicit financial activities.