The regulator said Coinbase Europe had been fined due to faults in the configuration of its transaction monitoring system, which resulted in more than 30 million transactions not being properly monitored over a 12-month period.

The value of these transactions amounted to over €176 billion, and accounted for approximately 31pc of all Coinbase Europe transactions conducted in that period.

"Further, it took Coinbase Europe almost three years to fully complete the monitoring of the impacted transactions,” the Central Bank said in a statement. “This subsequent monitoring led to the reporting of 2,708 Suspicious Transaction Reports (STRs) to the Financial Intelligence Unit for further analysis and potential investigation.

"The STRs submitted in respect of the late monitoring of the transactio

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