The Federal Financial Supervisory Authority (BaFin), an independent German regulatory institution, on Friday red-flagged the activities of Platin Genesis DMCC, a company that appears to be offering cryptocurrency-focused products, including a blockchain wallet and registered coin on Coinmarketcap, in Germany without complying with its financial legislation.
The Federal Financial Supervisory Authority (BaFin), an independent German regulatory institution, on Friday red-flagged the activities of Platin Genesis DMCC, a company that appears to be offering cryptocurrency-focused products in Germany without complying with its financial legislation. The Zug-based company, which operates under the brand PlatinCoin, offers a blockchain wallet and registered coin on Coinmarketcap.
This warning is yet another case in which the seems to have stepped up their game and gone after illegal cryptocurrency brokers.
BaFin has also advised the public to always verify the company’s identity (identity details, country of establishment, etc.) and to never trust a company if it cannot be clearly identified.
Wary of the booming crypto industry
In its capacity of supervising the financial market and enforcing compliance with rules and regulations, BaFin has issued a series of advisories in recent years, most recently when it announced specific details about its retail forex and CFDs trading stance. The watchdog was focusing on brokers that do not provide .
In addition, BaFin has been wary of the booming cryptocurrency industry. The German watchdog has been adamant in its warnings toward investors, elaborating on the potential risks associated with investing in Bitcoin and other cryptocurrencies. Moreover, , informing the public over high risk associated with various unrealistic technological claims and even scams.
Germany continues to be an active leader in its assessment and potential regulation of the cryptocurrency field. The country’s officials are taking steps to ensure the safety of German citizens and investors from around the globe. More recently, Germany partnered with France to , which was discussed at the G20 summit in Argentina.
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