Crypto Exchange Coinbase Germany Ordered by Regulator to Tackle “Organizational Deficiencies”

The Federal Financial Supervisory Authority, known as BaFin, said Coinbase Germany was in violation of standards set by the German Banking Act. The announcement referenced Section 25a (1) of the Act, which lays out requirements for firms to maintain risk-bearing capacity, adequate staffing, emergency management mechanisms such as IT systems and transparent remuneration systems for employees – including management.