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Bitcoin Group Addressing 'Serious Deficits' in Money Laundering Measures Flagged by German Regulator

The group reportedly said Wednesday that it has "no indications of violations of money laundering and terrorist financing laws."

By Sandali Handagama
AccessTimeIconNov 29, 2023 at 12:35 p.m. UTC
Updated Mar 8, 2024 at 5:45 p.m. UTC
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BaFin, Germany's financial regulator, has ordered a subsidiary of Bitcoin Group (ADE) to address some shortcomings in internal anti-money laundering measures.

In a notice issued to the group's Futurum Bank subsidiary in October and posted publicly on Tuesday, the regulator said it had identified "serious deficits" in internal security measures, due-diligence obligations and the suspicious-activity reporting system.

Bitcoin Group issued a statement on Wednesday saying it was taking measures to address the deficiencies, Reuters reported.

"The Bitcoin Group expressly points out that there are currently no indications of violations of money laundering and terrorist financing laws within the Group," the firm reportedly said.

Bitcoin Group made headlines last year when it agreed to acquire Munich-based Bankhaus von der Heydt, one of the oldest banks in the world.

BaFin has historically taken a tough stance on crypto, with only a handful of companies being approved for its digital asset licenses despite it being one of the first regulators in the world to implement a comprehensive approval program.

CoinDesk has reached out to Bitcoin Group for comment.

Edited by Sheldon Reback.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Sandali Handagama
Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.

Follow @iamsandali on Twitter

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