Coinbase Germany GmbH was ordered by the country’s financial regulator to fix deficiencies related to its organizational set-up.
(Bloomberg) — Coinbase Germany GmbH was ordered by the country’s financial regulator to fix deficiencies related to its organizational set-up.
The order was issued to the company in late September and has been in effect since Oct.
27, BaFin said in a statement on its website on Tuesday.
BaFin didn’t provide further details on the deficiencies, which it said were identified as part of a review of annual accounts.
Coinbase is cooperating fully and is committed to meeting all legal requirements for crypto custody firms in Germany, a spokeswoman said in an email to Bloomberg.
The company has developed a remediation plan “fully addressing each finding” and has made “substantial progress” in doing so, she wrote.
(Updates with Coinbase comment in fourth paragraph)
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