The Federal Financial Supervisory Authority (BaFin) has issued a warning regarding the company Internationale Bausparkasse, which is reportedly offering financial, investment, and cryptocurrency services without the necessary authorization. This announcement was made in a news release on February 18, 2025.
According to BaFin, the operator using the name Internationale Bausparkasse is providing banking, financial, and crypto services without a license. The website internationalebausparkasse.com lists International Building Society Fund Ltd. in London as responsible for these activities, previously naming Inter Real Holding LTD at the same address. Customers are directed to Gervest Capital Consulting LTD in Northern Cyprus. The operator is not authorized to use the protected term "Bausparkasse." A similar website, interbausparen.com, lacks a named operator. This warning has been issued under Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG), according to BaFin.
The KMAG, effective from December 27, 2024, introduces regulatory measures for overseeing crypto markets in Germany. It aims to enhance market transparency, operational resilience, and compliance with European crypto regulations. The act requires crypto service providers to secure licenses and maintain robust systems while ensuring transparent practices within the sector. This framework supports secure and compliant market operations in alignment with EU standards.
Blockpit’s analysis of Europe's safest licensed cryptocurrency exchanges ranks Binance first due to its regulation in multiple European countries, AES-256 encryption, and the Secure Asset Fund for Users (SAFU) program for user protection. Coinbase ranks second with 98% of assets held offline and licensing by BaFin in Germany along with advanced security protocols. 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 by supervising banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, and other related entities. Its responsibilities include solvency supervision and market supervision to ensure fair conditions while preventing misuse for money laundering or terrorist financing.