Cryptocurrency firms have been required to register as money transmitters under anti-money laundering laws since May 2020. Coinbase was not in compliance for nearly two years before registering in September 2022.

The non-compliance is punishable by a base fine of €2 million but Coinbase’s punishment was increased because of the size of the exchange and that it enjoyed a competitive advantage over rivals by not paying supervisory fees.

Coinbase has signalled that it could appeal the decision, which "includes no criticism of our actual services".

Last July, the central bank fined Coinbase rival Binance the same amount for the same offence.