Coinbase Ireland subsidiary settles with Bank of Ireland over customer fund protection issue, paying € 3.25 million fine According to Foresight News, Coinbase announced that its Irish subsidiary Coinbase Ireland Limited (CBIE) has reached a settlement with the Bank of Ireland regarding issues with past client fund protection measures and will pay a fine of 3.25 million euros. CBIE is an electronic currency institution that provides fiat services to European clients. This investigation involves the calculation of client fund protection amounts, fund storage, and outsourcing arrangements for some protection processes. \Coinbase disclosed that related issues include the mixing of funds between different entity clients, the use of CBIE protection accounts to pay for partial withdrawals from other entity clients, and code errors resulting in an average funding gap of approximately 0.54% in the protection accounts in 2023 and the first half of 2024. Coinbase stated that all relevant issues have been rectified, and no customers have suffered economic losses or been unable to withdraw funds as a result.