The Federal Financial Supervisory Authority (BaFin) has issued a warning regarding EmexFunding, which is reportedly offering financial, investment, and crypto asset services without the necessary authorization. This announcement was made in a news release on March 18, 2025.
According to BaFin, EmexFunding claims to operate under the name EmexFunding GmbH with a registered office in Corby, United Kingdom. However, no such entity exists. The company is allegedly encouraging consumers to take out loans for trading financial instruments and crypto assets through a document referred to as a "Handelskreditvertrag."
The German Crypto Markets Supervision Act (KMAG), effective from 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 and maintain robust systems while ensuring transparent practices within the crypto sector. This framework supports secure and compliant market operations aligned 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 takes second place with 98% of assets held offline and licensing by BaFin in Germany. 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. BaFin’s responsibilities include solvency supervision and market supervision to ensure fair conditions while preventing misuse for money laundering or terrorist financing.