The Federal Financial Supervisory Authority (BaFin) has issued a consumer warning regarding Bit-Wise, a company offering unauthorized crypto and financial services through a new website. This announcement was made in a news release on February 27, 2025.
According to BaFin, the warning pertains to the website greenholtt.com, which is operated by unknown individuals previously linked to the deactivated site the-quantum-ai.com. These operators are suspected of providing financial, investment, and cryptoasset services without the necessary authorization. This alert follows an earlier warning from August 2022 and is based on Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG).
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. The KMAG mandates that crypto service providers secure licenses, maintain robust systems, and ensure transparent practices within the sector. The framework aims to support 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 SAFU (Secure Asset Fund for Users) program for user protection. Coinbase takes second place with 98% of assets held offline, licensing by BaFin in Germany, and 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. It supervises 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.