{"id":69746,"date":"2022-11-08T18:18:39","date_gmt":"2022-11-08T16:18:39","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69746"},"modified":"2025-09-07T21:52:36","modified_gmt":"2025-09-07T18:52:36","slug":"regulator-flags-shortcomings-in-coinbases-german-subsidiary","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/regulator-flags-shortcomings-in-coinbases-german-subsidiary\/","title":{"rendered":"Regulator flags shortcomings in Coinbase&#8217;s German subsidiary"},"content":{"rendered":"<p>The Federal Financial Supervisory Authority of Germany (BaFin) issued an <a href=\"https:\/\/www.bafin.de\/SharedDocs\/Veroeffentlichungen\/DE\/Massnahmen\/60b_KWG_84_WpIG_und_57_GwG\/meldung_2022_11_08_Coinbase_Germany.html\">order<\/a> to Coinbase&#8217;s unit to &#8220;ensure proper organisation of the business&#8221;.<\/p>\n<p>The regulator cited breaches of the Banking Act, noting two sections in the order.<\/p>\n<p>They relate to risk management, adequate internal capital, a clearly defined internal structure with a division of responsibilities, the remuneration system, and other principles of sustainable development.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Coinbase commits to comply with all legal requirements within this regulatory regime. We are fully cooperating, seeking to incorporate the findings of the annual audit report,&#8221; commented a spokesperson for the exchange to <a href=\"https:\/\/www.theblock.co\/post\/184179\/coinbase-germany-ordered-to-address-risk-management-by-bafin\">The Block<\/a>.<\/p>\n<\/blockquote>\n<p>He added that the company had developed a plan to address the deficiencies, taking into account all of BaFin&#8217;s remarks.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Coinbase regards regulation as a factor conducive to business development, and the process of implementing certain BaFin measures has already begun,&#8221; the company said.<\/p>\n<\/blockquote>\n<p>In June 2021 the exchange obtained a licence from the German regulator to provide cryptocurrency custody services.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our Telegram \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Financial Supervisory Authority of Germany (BaFin) issued an order to Coinbase&#8217;s unit to &#8220;ensure proper organisation of the business&#8221;.<\/p>\n","protected":false},"author":1,"featured_media":69747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1527,138,109],"class_list":["post-69746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bafin","tag-coinbase","tag-germany"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=69746"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69746\/revisions"}],"predecessor-version":[{"id":69748,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69746\/revisions\/69748"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/69747"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=69746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=69746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=69746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}