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Coinbase Hit With $24.7M Fine After “Critical” Tech Errors Left Suspicious Transactions  Unscreened

Coinbase Europe Limited, the European arm of U.S.-based crypto exchange Coinbase, has agreed to pay a €21.5 million ($24.7 million) fine to the Central Bank of Ireland (CBI) after a series of coding failures left thousands of customer transactions unscreened for suspicious activity between 2021 and 2022. The Irish regulator said the errors represented a “critical compliance lapse” in Coinbase’s transaction monitoring system, which is designed to flag potential money laundering or other illicit behavior. ...