Irish Central Bank Slams Coinbase Europe With $24.8 Million Fine for AML Failures

The Penalty and Violations

The Central Bank of Ireland has fined Coinbase Europe Limited approximately $24.8 million (€21,464,734) for breaching anti-money laundering (AML) and counter-terrorist financing (CFT) obligations between April 2021 and March 2025. The penalty follows serious lapses in transaction monitoring under Ireland’s Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.

Coinbase Europe, a subsidiary of the global Coinbase Group, provides crypto asset and wallet services to users worldwide. As a virtual asset service provider, it is legally required to monitor customer transactions and report suspicious activity to the Financial Intelligence Unit (FIU) and Revenue Commissioners.

In a press release, the Central Bank said its investigation revealed that more than 30 million transactions—worth over $203 billion—were not properly monitored during a 12-month period. These transactions accounted for roughly 31% of Coinbase Europe’s total activity during that time.

The exchange reportedly took nearly three years to complete retrospective monitoring, which resulted in the filing of 2,708 suspicious transaction reports (STRs). These reports flagged concerns related to money laundering, fraud, drug trafficking, cybercrime, and child exploitation.

Deputy Governor Colm Kincaid emphasized the seriousness of the breach, stating that failures in monitoring systems allow criminals to exploit financial institutions. He noted that crypto’s anonymity and cross-border nature make it especially attractive for illicit activity.

“ Crypto has particular technological features which, together with its anonymity-enhancing capabilities and cross-border nature, makes it especially attractive to criminals looking to move their funds. This is why it is especially important that firms engaged in crypto services have robust controls in place to identify and report suspicious transactions,” Kincaid said.

Coinbase admitted to the violations, including failure to properly monitor 30,442,437 transactions, implement adequate internal policies and controls. It also failed to conduct additional monitoring for 184,790 transactions.

FAQ 🧠

• Why was Coinbase Europe fined by Ireland’s Central Bank? It failed to monitor over 30 million crypto transactions, breaching AML and CFT laws.
• How much is the Coinbase Europe penalty in USD? The fine totals approximately $24.8 million for violations between 2021 and 2025.
• What kind of suspicious activity was flagged? Reports linked transactions to money laundering, fraud, cybercrime, and child exploitation.
• What does this mean for crypto compliance in Ireland? It highlights the need for stronger controls in crypto firms to prevent financial crime.