The German Federal Financial Supervisory Authority (BaFin) has announced that unknown individuals are using the name of Teleport Financial Services Inc. in a fraudulent job offer scheme involving unauthorized financial and crypto-asset services, constituting identity theft.
According to BaFin, a warning was issued about an identity theft case involving a fake job offer from Teleport Financial Services Inc., which involved unauthorized financial, investment, and crypto services. The scam entailed receiving funds, converting them to cryptocurrencies, and forwarding them, potentially linked to the platform eurobitx.info. BaFin emphasized that only authorized companies may offer such services in Germany under the German Banking Act (KWG) and the German Cryptomarkets Supervision Act (KMAG), advising affected individuals to contact law enforcement.
The German Crypto Markets Supervision Act (KMAG), effective on 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, citing 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; market supervision to ensure fair and transparent conditions; and preventing misuse for money laundering or terrorist financing.