The Central Bank of Ireland has fined a second Irish-regulated unit of Coinbase Global, one of the world’s largest crypto asset exchange operators.

The regulator has fined Coinbase Ireland, a licensed electronic money firm, €3.25 million for regulatory breaches as it was found to have had excessive reliance on its US parent for outsourced services, failed to adequately safeguard customers funds, and had governance shortcomings. The fine remains subject to High Court confirmation.

It followed a €21.5 million fine levelled by the bank against Coinbase Europe, a virtual asset service provider (Vasp), for failing to properly monitor more than 30 million transactions for money laundering or terrorist financing over the course of a…