Last year, Coinbase Europe was fined nearly €21.5m for failing to monitor transactions.
Coinbase is making 14pc of its workforce redundant to cut cost and adopt AI. According to recent company filings, the layoffs will affect around 700 employees.
The company employs around 150 in Ireland; however, it is unclear how many of them would be affected in this move. Coinbase did not provide SiliconRepublic.com with details when queried.
Restructuring expenses are expected to cost up to $60m. Company shares were up nearly 4pc in pre-market trading at the time of publication.
In a post on X, Coinbase co-founder and CEO Brian Armstrong said that the company is “volatile from quarter to quarter”.
