German financial regulator BaFin_Bund ordered coinbase' local unit to ensure it has effective risk management after an audit of the firm's financial statements found 'organizational deficiencies.' iamsandali reports
The Federal Financial Supervisory Authority, known as BaFin, said Coinbase Germany was in violation of standards set by the. The announcement referenced Section 25a 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.
Crypto firms the world over are facing increased scrutiny from regulators after a turbulent year that has seen some big industry names go bankrupt, in part because of. Even countries with comprehensive regimes in place to regulate crypto, like Germany and Singapore, are taking a closer look at service providers.
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