Erscheinung:25.07.2023 | Topic Unauthorised business, Consumer protection coinpark.one: BaFin investigates operator of website
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) warns consumers about the website coinpark.one. According to information available to BaFin, the operator is providing financial and investment services via this website without the required authorisation.
On the website, the operator is simply named “Coinpark”. Its legal form is not specified. The website also does not contain any information about the operator’s business address. Instead, there is only a general reference to offices in various East Asian countries. It is claimed, however, that business relationships with clients are subject to US law.
Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
