The Federal Financial Supervisory Authority (BaFin) has issued a warning to consumers regarding several platforms suspected of operating without proper authorization. These platforms, which use the slogan "Trading made simple," were highlighted in a news release on February 3, 2025.
According to BaFin, these websites offer cryptoasset and financial services without the necessary authorization. The sites in question, including Radiantix.io, Yuminex.io, and Ecofix.io, share similar designs and lack information about their registered offices. BaFin emphasized that companies providing financial, investment, or crypto asset services in Germany must be authorized. Individuals can verify the authorization status through BaFin’s company database. This warning is based on the German Banking Act (KWG) and the German Crypto Markets Supervision Act (KMAG), as said in a press release by BaFin.
Section 37 of the German Banking Act allows BaFin to intervene against unauthorized banking activities or financial services. The Federal Ministry of Justice of Germany notes that if a company operates without necessary licenses or engages in prohibited transactions, BaFin can order the cessation of operations and appoint a liquidator for settlement. BaFin also has the authority to inform the public if a company is suspected or found to be engaging in unauthorized activities.
Blockpit's analysis ranks Binance as Europe's safest licensed cryptocurrency exchange due to its regulation across multiple European countries, AES-256 encryption, and SAFU (Secure Asset Fund for Users) program for user protection. Coinbase follows in second place with 98% of assets held offline and licensing by BaFin in Germany. Kraken ranks third by storing 95% of assets in cold wallets and adhering to regulations across the EU and other regions.
BaFin oversees the stability and integrity of Germany's financial system. It supervises banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, and other related entities. Its responsibilities include solvency supervision, market supervision to ensure fair conditions, and preventing misuse for money laundering or terrorist financing.