Erscheinung:20.07.2021 | Topic Unauthorised business bybit.com: BaFin investigates Bybit Fintech Limited
In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin wishes to inform the public that the company Bybit Fintech Limited, British Virgin Islands, has not been granted authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin.
Based on the contents of the company’s website, bybit.com, there are grounds which indicate that Bybit Fintech Limited conducts banking business and provides financial services in the Federal Republic of Germany without the required authorisation. The company utilises a network of German influencers/YouTubers to advertise its trading platform to persons domiciled or habitually resident in the Federal Republic of Germany.
Under the KWG, authorisation is required in order to conduct banking business or provide financial services in Germany. Some companies do so without the necessary authorisation, however. Information on whether a certain company has been authorised by BaFin can be found in BaFin’s database of companies.
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt) and the German state criminal police offices (Landeskriminalämter) recommend that anyone seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to avoid becoming the victim of fraud.
