Coinbase Germany Has 'Organizational Deficiencies', Says Germany Financial Regulator

Germany's Federal Financial Supervisory Authority (BaFin) released a statement today, saying that Coinbase Germany has "organizational deficiencies" uncovered during an audit of the firm's financial statements.

BaFin ordered Coinbase Germany to ensure it has effective risk management and internal controls in place.

The statement wrote, "An audit of the annual financial statements revealed organizational deficiencies at the institute. The regularity of the business organization was not given in all audited areas."