Coinbase Europe Agrees to €21.5 Million Fine After Internal Errors Allowed Potential Money Laundering, Scams, and Child Exploitation to Go Undetected
Coinbase Europe was fined €21.5 million by the Central Bank of Ireland after its system failed to monitor over 30 million transactions worth more than €176 billion between 2021 and 2022. The errors, caused by coding mistakes, meant some potentially suspicious transactions linked to crime went unchecked, and Coinbase has since fixed the system and strengthened its controls.
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