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Crypto Giant Coinbase Fined in Ireland for Rule Breaches
- Fining Coinbase Europe �21.5 million, the Central Bank of Ireland announced in a Thursday press release for breaches of AML and counter-terrorist financing obligations.
- Coinbase said three coding errors caused five of 21 TMS scenarios to miss screening in 2021 and 2022, stemming from outsourced monitoring to Coinbase Inc, with fixes applied by April 2022.
- Rescreening found 30,442,437 unmonitored transactions among around 97 million processed, valued at over €176 billion, and it took nearly three years to file about 2,700 suspicious transaction reports.
- The enforcement is the Central Bank of Ireland's first in the crypto sector and ranks among its largest penalties, with Coinbase Europe admitting contraventions under the Settlement Notice including a 30% settlement scheme discount, while the regulator said it cannot confirm if crimes occurred.
- This year, Coinbase shifted its regulatory base to Luxembourg and said it fixed coding errors, enhanced testing, and re-ran impacted transactions through five scenarios as remediation.
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Crypto giant Coinbase fined in Ireland for rule breaches
Ireland's central bank imposed a fine of 21.5 million euros ($24.7 million) Thursday on crypto giant Coinbase over transaction monitoring failures, including some potentially linked to criminal activities.
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
·Ireland
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Total News Sources36
Leaning Left4Leaning Right2Center7Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 31%
C 54%
15%
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