The Federal Financial Supervisory Authority (BaFin) has issued a warning regarding Revolvo, alleging that the company is offering financial, investment, and crypto asset services without the necessary authorization. The announcement was made in a news release on March 7, 2025.
According to BaFin, Revolvo is suspected of misleading consumers by falsely claiming an affiliation with Baden-Württembergische Wertpapierbörse GmbH or Börse Stuttgart GmbH, which constitutes identity fraud. This alert is based on relevant sections of the German Banking Act and the German Crypto Markets Supervision Act (KMAG).
The 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 act requires crypto service providers to secure licenses and maintain robust systems to ensure transparent practices within the sector.
Blockpit's analysis ranks Binance as Europe's safest licensed cryptocurrency exchange due to its regulation in multiple European countries and advanced security measures like AES-256 encryption. Coinbase follows in second place with significant offline asset storage and licensing by BaFin in Germany. Kraken ranks third with most assets stored in cold wallets and adherence to EU regulations.
BaFin oversees the stability and integrity of Germany's financial system by supervising various financial entities. Its responsibilities include solvency supervision, ensuring fair market conditions, and preventing misuse for money laundering or terrorist financing.