Coinbase Faces $24M Penalty Over Compliance Failure, Highlights Crypto’s Risks

Cryptocurrency exchange Coinbase has been fined €21.5 million ($24 million) by Ireland’s Central Bank for failing to adequately screen transactions for money laundering. The penalty stems from coding errors that impacted over 30 million transactions, highlighting the challenge of ensuring compliance in this evolving industry. The company acknowledges its oversight and has implemented enhanced protocols to prevent such issues in the future. This case serves as a reminder of the crucial role technology plays in anti-money laundering efforts within crypto, even as the sector seeks mainstream adoption.