The Federal Financial Supervisory Authority (BaFin) has issued a warning regarding the company Strategic Assets, which is reportedly offering financial, investment, and crypto asset services without the necessary authorization. This announcement was made in a news release on January 24.
According to BaFin, there is suspicion that the operators of the website strategicassets.pro are engaging in identity fraud by falsely claiming their services are linked to Baden-Württembergische Wertpapierbörse GmbH or Börse Stuttgart GmbH and stating they are supervised by BaFin. The authority clarified that it does not supervise Strategic Assets and described the information provided by the company as incorrect. This warning was issued under the German Banking Act and the German Cryptomarkets Supervision Act.
Section 37 of the German Banking Act allows BaFin to intervene against unauthorized banking activities or financial services. If a company operates without necessary licenses or engages in prohibited transactions, BaFin can order the cessation of operations and appoint a liquidator to handle settlement. The authority also has the power to inform the public if a company is suspected or found to be engaging in unauthorized activities. Should any information prove false, BaFin is required to correct it, according to Germany's Federal Ministry of Justice.
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BaFin oversees Germany's financial system stability and integrity by supervising banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, and related entities. Its responsibilities include solvency supervision, market supervision for fair conditions, and preventing misuse for money laundering or terrorist financing.