Coinbase has acknowledged the €21,464,734, around $24 million, fine from the Central Bank of Ireland (CBI), saying the issue stemmed from technical coding errors in its Transaction Monitoring System (TMS) between 2021 and 2022.
In a statement, the company said its Irish arm, Coinbase Europe Limited (CBEL), cooperated fully with regulators and identified the bug itself before fixing it.
The firm explained that the errors caused five out of 21 TMS scenarios used to screen customer transactions, causing certain crypto addresses, such as those separated by special characters, to be only partially monitored.
The Central Bank of Ireland had fined Coinbase Europe after finding that the company failed to properly monitor over 30 million transactions worth about €176 billion between 2021 and 2022.
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