Ireland's central bank has fined Coinbase Europe 21.5 million euros (about $25 million) due to failures in its transaction monitoring system. The issues stemmed from configuration errors that led to more than 30 million transactions, valued at over 176 billion euros, not being properly monitored over the course of a year. This lapse resulted in the identification of 2,708 suspicious transactions, some linked to serious criminal activities like money laundering and cyber attacks. Coinbase acknowledged the errors, stating that they were inadvertently caused by coding mistakes. The company claims it took nearly three years to complete the monitoring of the affected transactions properly. The central bank emphasized the risks associated with cryptocurrency, noting its appeal to criminals due to its technological features and cross-border capabilities. This fine underscores ongoing regulatory scrutiny in the crypto sector, particularly regarding compliance with anti-money laundering and counter-terrorism obligations.