Erscheinung:17.07.2024 | Topic Unauthorised business, Consumer protection defi-tradexpert.com: BaFin investigates Defi-Tradexpert
The Federal Financial Supervisory Authority (BaFin) warns consumers about the website defi-tradexpert.com. The company Defi-Tradexpert uses this website to offer banking business and financial services without the necessary authorisation. BaFin has initiated an investigation into the website operators.
BaFin has evidence that the website operators are using messenger services to specifically contact German investors and persuade them to invest in cryptocurrencies on the website.
BaFin therefore advises consumers to be wary if unknown parties write to them on messenger services offering investments.
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 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.
