Coinbase ordered to improve its business practices in Germany

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Updated November 9, 2022 | Published November 9, 2022

2 mins read

The order from the Federal Financial Supervisory Authority followed an audit of annual financial statements.

Crypto exchange Coinbase has been issued an order by German regulator Federal Financial Supervisory Authority (BaFin) to improve its management, monitoring and control of risks, increase staffing, and make employee remuneration systems clearer.

BaFin had ordered Coinbase Germany to “ensure proper business organization”, according to several requirements in the German Banking Act (KWG) back in September 27, 2022.

The proper business organization failings cited were within Section 25a paragraph 1 and Section 25b paragraph 1 sentence 2 from the KWG.

The failings were revealed after an audit of the company’s annual financial statements, and the order has been final since October 27, 2022.

One of the audit’s focus points was also the requirement of setting up arrangements that allow external bodies to determine the company’s financial position.

Section 25a paragraph 1 of the KWG concerns managing risks by developing sustainable risk strategies, as well as their implementation. Internal control mechanisms and an internal audit function are also covered in this section.

However, what’s interesting is that Section 25b paragraph 1, sentence 2, covers the professional qualifications required of management board members, which states that they must “have adequate theoretical and practical knowledge of the business concerned, as well as managerial experience”.

Among the multiple requirements for proper business organization is also the development of a transparent system for employee remuneration.

Coinbase received its German license last year, so some growing pains are to be expected.

The exchange received its Italian license this year, meaning it’s now operational in 41 European countries. This number grows to more than 100 when we talk about Coinbase’s global footprint.

Further European expansion is still high in the company’s to-do list.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Kyamil Nasuf

Reporter

Kyamil is a big tech fan, who loves hummus on everything and has enjoyed writing from a young age. He's had experience in writing anything from essays, through personal art, to news pieces and more serious tech analysis. In recent years he’s found fintech and gambling collide with all his interests, so he truly is a great fit to our team.
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