The German Federal Financial Supervisory Authority (BaFin) has issued a warning to consumers regarding the website aktiennetwork.co.uk, suspecting that unlicensed operators are offering financial, investment, and cryptoasset services.
According to BaFin, warnings were previously issued on March 13, 2025, and April 1, 2025, concerning Aktien Network and its websites aktiennetwork.net and aktiennetwork.uk. Both sites have since been deactivated. The operators are now suspected of using the website aktiennetwork.co.uk to offer these services without BaFin's authorization. BaFin emphasizes that anyone providing such services in Germany must be authorized by them. Consumers can verify a company's authorization status through BaFin’s company database. The warning is based on section 37 (4) of the German Banking Act (KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomärkteaufsichtsgesetz), as said in a news release.
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, maintain robust systems, and ensure transparent practices within the crypto sector. This framework supports secure and compliant market operations in alignment with EU standards.
Blockpit’s analysis ranks Binance as Europe's safest licensed cryptocurrency exchange due to its regulation in multiple European countries, AES-256 encryption, and the SAFU (Secure Asset Fund for Users) program for user protection. Coinbase is ranked second 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.