Coinbase Europe lost €5.1m last year as company was wound up 

Cryptocurrency firm based in Ireland was fined by Central Bank last year 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 was fined €21m by the Central Bank of Ireland in November last year. 

Cryptocurrency firm Coinbase Europe, which was based in Ireland, posted a loss of €5.1m for its 2025 financial year as its directors wound up the business, it’s latest financial statement shows.

According to the documents, the company saw a turnover of €236.7m in 2025, down from €486.56m the year prior. Its 2025 cost of sales stood at €168m, and after taxes it reported a loss of €5.1m in the year — up from €3.8m the year prior.

In the financial statement, the company said it was in the process of winding up the company. It said the decision was made on May 16, 2025, and the “dissolution process is ongoing and will be finalised subsequent to the reporting date”.

On December 31, it ceased the provision of regulated services.

The company had provided crypto asset and wallet services to its customers using its parent company’s Coinbase, Inc's trading platforms. It earned revenue from customer transactions and paid a service fee to its parent company for the use of the trading platforms.

As of the end of last year, the company held €54m in cash at banks and in hand.

In November 2025, the Central Bank of Ireland fined Coinbase Europe €21m for failing to properly monitor over €176bn worth of transactions on its platform for suspicious anti-money laundering and counter terrorist financing activity.

Under regulations, Coinbase Europe is required to monitor customer transactions on an ongoing basis. Where the company suspects a transaction is facilitating money laundering or terrorist financing, it is required to file a Suspicious Transaction Report (STR) with the national Financial Intelligence Unit and Revenue Commissioners as soon as possible.

However, the Central Bank had fined Coinbase for “faults in the configuration of their transaction monitoring system”, which resulted in more than 30 million transactions “not being properly monitored over a 12-month period”.

After an initial review, it narrowed the total number of transactions missed down to 184,790 that needed further review. This subsequent monitoring led to the reporting of 2,708 STRs with a combined value of €13m.

In the financial statement, Coinbase Europe said the “enforcement matter is now fully closed”.

In addition to Coinbase Europe, another one of the cryptocurrency firm’s subsidiaries Coinbase Ireland also posted its latest financial statement.

It reported a turnover of just over €90m during its 2025 financial year — up from €58m a year prior — with the cost of sales reaching €13.1m. Administrative expenses reached €77m, bringing profit after tax to €3.8m — up from just under €3m during 2024.

Last month, the Central Bank fined this Coinbase subsidiary €3.25m over weaknesses in its internal processes, which the bank said resulted in breaches to safeguarding obligations.

“Coinbase Ireland failed to have in place an adequate outsourcing governance framework,” the central bank said in a statement on Thursday.

“They placed excessive reliance on the US-based Coinbase Group as an outsourced service provider to implement safeguarding processes.” 

The Central Bank also found Coinbase Ireland failed to adequately safeguard customers’ funds because of system design and “insufficient control testing”, which resulted in its designated safeguarding account to be underfunded for lengthy periods of time, the statement added.

"These issues largely arose in the context of Coinbase taking steps to protect customers during periods of significant disruption,” the Coinbase spokesperson added. 

“No customers suffered financial loss or were unable to access their funds as a result of these issues.”