The warnings came months after the subsidiary had assured Germany’s Federal Financial Supervisory Authority, or BaFin, it had addressed concerns raised by the regulator following a routine audit. They highlight regulators’ difficulties in holding crypto companies to the same customer care and risk management standards as banks and other traditional financial institutions. The issues were not limited to Bitpanda’s Berlin branch, the news outlets found. An internal memo reviewed by the reporters said that a separate 2024 audit by Bitpanda’s external auditor, KPMG Austria, found a lack of documentation at the exchange’s Vienna headquarters. The company’s spokesperson did not answer questions about whether all the issues identified by external and internal auditors had been fixed.