Central Bank fines crypto-exchange Coinbase €21m for failure to monitor suspicious transactions

Delayed reports submitted by the company contained suspicious transactions potentially involving money laundering, fraud/scams, drug trafficking, cyber-attacks, and child sexual exploitation

More than 30 million transactions were 'not being properly monitored over a 12-month period', according to the Central Bank. 

The Central Bank of Ireland has fined cryptocurrency exchange Coinbase more than €21m for failing to properly monitor over €176bn worth of transactions on its platform for suspicious anti-money laundering and counter terrorist financing activity.

Coinbase Europe, which is part of the Coinbase Group, provides crypto asset and wallet services to customers globally to facilitate the use of the company’s trading platforms to buy and sell crypto assets.