Coinbase Fined for AML Failures, 3 Years of Undetected Illicit Transactions

Irelands central bank imposed a €21.5 million fine on Coinbase Globals subsidiary for failing to meet anti-money laundering and counter-terrorist financing obligations. The penalty was due to critical flaws in Coinbase Europes transaction monitoring system, which overlooked over 30 million transactions worth €176 billion over a year. The company reported 2,708 suspicious transactions linked to serious criminal activities after a lengthy review. Coinbase attributed the issues to three coding errors, which were fixed within weeks. The case highlights the challenges and responsibilities of cryptocurrency exchanges in maintaining security and compliance systems.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.