The Federal Financial Supervisory Authority, known as BaFin, said Coinbase Germany was in violation of standards set by the German Banking Act. The announcement referenced Section 25a (1) 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.
Related posts
-
Germany transfers about $40m in Bitcoin amid ongoing selloff
The German government has transferred 700 Bitcoins (BTC), valued at approximately $40.47 million. This transaction is... -
Canadian Regulator Probe Determines That Liquitrade Operates an Illegal Crypto Exchange
The British Columbia Securities Commission (BCSC) said its investigation into Liquitrade’s crypto asset trading platform found... -
NFT Sales Rise 8% Higher Amid Broader Crypto Market Downturn
Over the past week, non-fungible token (NFT) sales have...