Coinbase Europe has been slapped with a significant fine of €21.5 million by the Central Bank of Ireland. This penalty, the largest AML violation against a crypto firm in the country, underscores growing regulatory scrutiny on the industry and emphasizes the necessity for robust compliance measures to prevent financial crime. 📚 🔒 The fault lies primarily with system misconfigurations that occurred between April 2021 and March 2025, as highlighted by the Central Bank of Ireland. Coinbase Europe Limited admitted to these violations. The Irish regulator penalized Coinbase due to significant breaches in its anti-money laundering (AML) protocols. This hefty fine marks a significant turning point for crypto firms operating within Ireland. The incident highlights that financial institutions need to adhere to stringent AML compliance standards, as it’s a key requirement in preventing criminal activity. 💰 Coinbase faces substantial repercussions, estimated at $480 million annually in revenues, although there have been no confirmed losses. However, the regulatory burden underscores the urgent need for improved compliance systems. This is just one case in a larger trend – Coinbase has already accumulated $181 million in global fines. The potential outcomes include strengthened compliance measures and enhanced regulatory vigilance across the crypto industry. As historical data suggests, such settlements typically lead to firms reinforcing internal controls, aligning with both financial and technological standards.