The Central Bank of Ireland imposed a fine of 3,252,618 euros and a reprimand on Coinbase Ireland Limited on 22 October, for breaches of the safeguarding and outsourcing rules of the e-money regulations. The breaches cover the period from November 2020 to August 2025. According to the regulator, the firm relied too heavily on its US group, its safeguarding account was not always fully funded and its escalation processes were weak. The amount includes a 30% settlement discount and is subject to confirmation by the High Court.

What it means: The case concerns Coinbase's e-money institution licence rather than its crypto services, which makes it relevant to every payment or e-money institution in Europe. Safeguarding means customer money has to be segregated and fully covered at all times, so it can be returned even if the firm fails. The Irish regulator points to a common problem: subsidiaries of global groups that hold an EU licence but in practice depend on systems and teams outside Europe. Responsibility, however, stays with the licensed firm and its management. For Greek payment and e-money institutions, and for companies outsourcing functions to their group or to third parties, the case is a reminder to check the adequacy of safeguarding accounts every day and to have clear processes for escalating problems to management. The Bank of Greece applies the same European rules, and the new payment services directive and regulation being prepared in the EU are expected to tighten safeguarding further. For crypto providers, the message is that MiCA compliance is not enough if other licences are not respected.

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