Shares in Coinbase (COIN) stock fell over 7% on Thursday after the leading crypto exchange’s European arm was hit with a $24.7M fine. Coinbase Europe Limited agreed to pay a fine to the Central Bank of Ireland (CBI) after a series of coding failures left thousands of customer transactions unscreened for suspicious activity between 2021 and 2022. The failures reportedly affected around 31% of all transactions conducted by Coinbase Europe during the period, worth more than $202 billion.

“Coinbase recognizes the importance of effective AML procedures and takes our obligations under AML legislation and regulatory guidance very seriously,” Coinbase said in a blog post this week. “Our goal has always been and will always be to build the most trusted, compliant, and secure platform in the world.” The company went on to add that the settlement does not suggest that any of the flagged transactions were confirmed to involve criminal activity.

Coinbase Continues Stock Skid After Latest Fine

Along with the fine to its European arm, Coinbase and other crypto stocks are under pressure due to broader market concerns. Crypto stocks fell further Thursday amid a wider market downturn. Investors continue to worry about macroeconomic uncertainties, including the latest U.S. jobs data, escalating trade tensions, and the US government shutdown.

“The entire crypto market is simply being buffered by macroeconomic events and changes in sentiment,” Mark Palmer, an equity analyst at investment bank Benchmark, wrote in a note to investors. “As it pertains to interest rate expectations, tariffs, and all of the other elements that go into the macro outlook.”

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Despite this week’s 10% dip, Analysts maintain a bullish stance on Coinbase. Several Wall Street experts have given COIN stock a “Buy” or equivalent rating. HC Wainwright & Co. leads with a $425 price target, indicating optimism compared to the current price of $295.