Coinbase Germany ordered to address risk management by BaFin

Germany’s financial supervisor, BaFin, has ordered the German branch of crypto exchange giant Coinbase to “ensure proper business organization,” the regulator wrote in an official statement published on Tuesday. BaFin indicated violations of the German Banking Act, pointing at two particular sections. One section outlines requirements for sustainable development. The German regulator also expects Coinbase to “ensure ongoing appropriate and effective risk management that includes the outsourced activities and processes,” following the Banking Act. The order has been in effect since Oct. 27. “Coinbase is committed to meeting all legal requirements under this regime.