The Federal Financial Supervisory Authority (BaFin) has issued a warning regarding the website menara-capital.pro, which is offering financial, investment, and crypto asset services without the necessary authorization. This announcement was made in a news release on March 3, 2025.
According to BaFin, the website menara-capital.pro is suspected of providing unauthorized financial, investment, and crypto-related services. The site operates under the name Menara Capital without specifying a legal entity and claims to be based in London. BaFin has found no evidence linking the site to Menara Capital Ltd or Fortis Securities Limited, companies registered with the UK Financial Conduct Authority, suggesting possible identity theft. This warning is issued under the German Banking Act and Crypto Markets Supervision Act.
The German Crypto Markets Supervision Act (KMAG), effective since December 27, 2024, introduces regulatory measures for overseeing crypto markets in Germany. It focuses on market transparency, operational resilience, and compliance with European crypto regulations. The KMAG requires crypto service providers to secure licenses, maintain robust systems, and ensure transparent practices within the crypto sector. The 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 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.