The German Federal Financial Supervisory Authority (BaFin) has issued a warning concerning the website handelsfusion.com, which offers financial, investment, and crypto-security services without the necessary authorization.
According to BaFin, the operators of handelsfusion.com—Handels Fusion UK Limited, Handels Fusion Ltd., and Handels Fusion Management Ltd.—claim to be registered with the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). However, BaFin could not verify these registrations. The site also purports to have a license from CySEC granted to Fusion Markets EU Ltd., but BaFin found no link between them, suggesting potential identity fraud. BaFin emphasizes that offering such services in Germany requires its authorization, which can be checked in its company database. This warning is issued under the German Banking Act and Crypto Markets Supervision Act.
The German Crypto Markets Supervision Act (KMAG), set to take effect on December 27, 2024, will introduce regulatory measures for overseeing crypto markets in Germany. It aims at enhancing 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. This framework is designed to support secure and compliant market operations in line with EU standards.
Blockpit's analysis of Europe's safest licensed cryptocurrency exchanges ranks Binance first due to its regulation across 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, licensing by BaFin in Germany, and advanced security protocols. Kraken comes 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, among others. Its responsibilities include solvency supervision and market supervision to ensure fair conditions while preventing misuse for money laundering or terrorist financing.