Ireland fines Coinbase unit €3.25 million over customer fund safeguarding

The Central Bank of Ireland fined Coinbase's Irish unit €3.25 million for letting customer funds commingle with money belonging to other Coinbase entities and for outsourcing safeguarding controls to its US parent. The penalty is a regulatory rebuke of Coinbase's custody and fund-segregation practices in the EU. Traders should watch whether other regulators follow Ireland's lead, since compliance and custody risk can weigh on exchange sentiment and COIN shares.