BlockBeats news, October 22 - According to Bloomberg, the Central Bank of Ireland has fined Coinbase Ireland Limited €3.252618 million and issued a reprimand, citing violations of customer fund safeguarding and outsourcing obligations under the Electronic Money Regulations 2011 during the period from November 1, 2020 to August 19, 2025. The penalty was settled on October 21, with the original amount of approximately €4.6466 million reduced to the aforementioned amount after a 30% settlement discount, pending confirmation by the High Court before taking effect.The Central Bank of Ireland stated that Coinbase's Irish subsidiary overly relied on its U.S. headquarters for safeguarding processes and compliance controls, lacked sufficient local capacity to continuously oversee customer fund management, had safeguarding accounts that were underfunded for extended periods, and had inadequate internal reporting and governance. A Coinbase spokesperson said the issues were proactively disclosed by the company to the Central Bank and did not result in any loss or inaccessibility of customer funds. This is the second penalty against the company's Irish entity, which was fined €21.5 million in November 2025 for anti-money laundering and transaction monitoring violations.