The Federal Financial Supervisory Authority (BaFin) has issued a warning regarding the company Zinsverwalter, which is reportedly offering financial, investment, and crypto asset services without the necessary authorization. This announcement was made in a news release on February 14, 2025.
According to BaFin, Zinsverwalter operates the websites zinsverwalter.de and zinsverwalter.com to provide unauthorized services. The operators allegedly claim false connections to WALTER Investment-Vermittlungs GmbH and supervision by BaFin. However, BaFin clarified that WALTER Investment-Vermittlungs GmbH is not related to these websites and is not under its supervision. This warning was issued under the German Banking Act and the German Crypto Markets Supervision Act.
The German Crypto Markets Supervision Act (KMAG), effective from December 27, 2024, introduces regulatory measures for overseeing crypto markets in Germany. It emphasizes market transparency, operational resilience, and compliance with European crypto regulations. According to the Federal Law Gazette, KMAG requires crypto service providers to secure licenses and maintain robust systems to ensure transparent practices within the sector.
Blockpit’s analysis of Europe's safest licensed cryptocurrency exchanges ranks Binance first due to its regulation in multiple European countries and user protection measures like AES-256 encryption and the Secure Asset Fund for Users (SAFU) program. Coinbase follows in second place with 98% of assets held offline and licensing by BaFin in Germany. Kraken ranks third with 95% of assets stored in cold wallets while adhering to EU regulations.
BaFin oversees the stability and integrity of Germany's financial system by supervising banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, among others. Its responsibilities include solvency supervision and market oversight to ensure fair conditions while preventing misuse for money laundering or terrorist financing.