Germany’s financial regulator orders Coinbase to address ‘business organization’ practices

available by the United States Commodity Futures Trading Commission, Coinbase’s Germany arm should have “suitable arrangements for managing, monitoring and controlling risks and appropriate arrangements by means of which the institution’s financial situation can be gauged with sufficient accuracy at all times” and provide certificates of audit related to appropriate reports on its annual accounts.

“An audit of the annual financial statements revealed organizational deficiencies at the institute,” said BaFin. “The regularity of the business organization was not given in all audited areas.” In a written statement to Cointelegraph, a Coinbase spokesperson said the exchange was “cooperating fully” in its efforts to address the findings of the annual audit report:

“Coinbase considers regulation a business enabler and the process to undertake the measures identified by BaFin has already begun. We have developed a remediation plan fully addressing each finding of the audit report to address BaFin’s concerns. To date, we have made substantial progress on this plan.”

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