Coinbase censured over business structure by German watchdog BaFin
Germany's financial watchdog has censured crypto exchange Coinbase following an annual audit that raised questions over its set-up in Europe’s biggest economy.
BaFin ordered Coinbase to ensure it had in place a “proper” business structure after an audit by Deloitte found “organisational deficiencies” in how the group’s German unit was organised, the regulator said on Tuesday.
Deloitte in May gave Coinbase’s financials an unqualified audit opinion, meaning they were presented accurately and fairly, but the accountancy firm flagged up organisation flaws with the regulator.
This story originally appeared on: Financial Times - Author:Scott Chipolina
