The Central Bank of Ireland has levied a significant fine of €21.5 million ($24.7 million) against Coinbase Europe due to shortcomings in its transaction monitoring processes. The penalty stems from a coding error that occurred between 2021 and 2022. This error resulted in a failure to adequately screen all transactions for suspicious activity, leaving the platform vulnerable to potential financial crimes. CoinTelegraph reported that the issue meant a portion of transactions bypassed crucial anti-money laundering (AML) checks. The Central Bank of Ireland's action underscores the importance of robust compliance measures within the cryptocurrency industry. Cryptocurrency exchanges must ensure their systems are rigorously tested and maintained to prevent such lapses and safeguard the integrity of the financial system. This fine serves as a stark reminder of the regulatory scrutiny facing crypto businesses operating in Europe. ```