BaFin, Germany’s financial regulator, reported that cryptocurrency exchange Rtcoin is not authorized to operate in the country.
In the turbulent period of the crypto industry, the progress of crypto exchanges is of great importance. FTX, which is called one of the largest crypto exchanges in the world, started a new era with its bankruptcy. In the new era in the crypto industry, exchanges are expected to comply with the principle of transparency. Binance in particular shed light on the beginning of this era with its proof-of-reserve system. In the increasing crypto adoption day by day, the role played by exchanges stands out. That’s why regulators and controllers work hard. Finally, Germany’s financial regulator, BaFin, continues its audits of crypto exchanges.
BaFin Announces No Confirmation of Activity About Rtcoin
Financial regulator BaFin stated that Rtcoin has not registered under KWG to run finance-related services in the country. KWG, Germany’s Bank Act, aims to provide guidance to organizations providing banking and financial services. Cryptocurrency exchanges operating in Germany are also within the scope of these regulations.
The announcement made today underlined that the crypto company is not audited by BaFin. Also, the regulator pointed to Rtcoin’s website, citing that it is an unauthorized exchange. The exchange’s website claims it is registered in the Cayman Islands and has operations in four jurisdictions.
Also, Rtcoin does not appear among companies registered or provisionally approved in the UK.
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