Erscheinung:12.07.2024 | Topic Unauthorised business, Consumer protection BaFin warns against platforms advertising “The best trading cryptocurrency assets"
The Federal Financial Supervisory Authority (BaFin) warns consumers about online trading platforms featuring the sentence “Der beste Handel mit Kryptowährungswerten” (or “The best trading cryptocurrency assets”) on their homepage. According to information available to BaFin, financial and investment services are being provided on these websites without the required authorisation. Each of these websites uses the same typeface, (almost) identical text and the same design.
The platforms have different names, but they all feature the same slogan on the homepage:
Sources: zenfundpro.com, stellarinvest.com, orbitolympus.com
This warning covers the following websites.
- zenfundpro.com
- stellarinvest.com
- orbitolympus.com
Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary 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.
