The Central Bank of Ireland imposed a $24.6 million fine on Coinbase.

Important Move by the Central Bank of Ireland

The Central Bank of Ireland has made a significant decision regarding Coinbase Europe after a process lasting nearly three years. The central bank imposed a fine of 24.6 million dollars, stating that the company did not adequately implement its anti-money laundering (AML) standards.

As a result of the investigations, the Central Bank of Ireland noted that it took a long time for Coinbase to complete its monitoring processes for the affected transactions, and a total of 2,708 Suspicious Transaction Reports (STR) were created as a result of these monitoring efforts. These reports will be sent to the national Financial Intelligence Unit for further analysis and potential investigation.