German regulator BaFin is investigating Bitcoin-Bankbreaker.com amid growing global crypto adoption. BaFin claims that this cryptocurrency platform operates as an unregistered financial service provider. According to the regulator, the website does not offer any company name, legal identification or physical address.
BaFin is after this cryptocurrency platform!
A visit to the “About” page of the website of the relevant platform confirms this claim. The operators of Bitcoin-bankbreaker.com say that the website name and other named companies are “for commercial purposes only. It also states that it does not refer to any particular company or particular service providers.
In addition, operators are branding the site as a “new and accessible experience” for new crypto users. In this regard, it offers a simplified interface with unique “homemade features”. A note on its about page warns investors of the risk of full or partial loss possible with crypto trading.
By the 4th quarter of last year, more than four million Germans owned cryptocurrencies. Source: StatistaThe regulatory body does not condone unauthorized activities!
The German agency says that every institution that offers financial or investment services in the region must obtain its own approval. He also advises residents who doubt a company’s status to view the listing of approved companies on BaFin’s website.
By the way, as you follow on Kriptokoin.com, Binance has recently withdrawn its application in Germany. Rumors that BaFin would soon reject his application were influential in this. BaFin also reprimanded the exchange in 2021 for offering tokenized stocks without providing adequate investment prospectus. Its regional head previously described BaFin’s standards as “deservedly high”.
Is cryptocurrency accepted through TradFi channels?
BaFin’s warning signals that crypto may be on its way to wider acceptance within the current financial system. Regulators in France, the Netherlands, and Hong Kong are currently keeping records of crypto exchanges that are allowed to operate. The database contains lists of services they can provide to the local community, including asset custody, trading and brokerage services.
According to experts, this level of transparency is likely to give crypto firms an air of credibility. This, in turn, is likely to increase the uptake of digital assets. The International Monetary Fund (IMF) recently published a blog post on crypto. Here he underlined the condition that he should not threaten state revenue or state sovereignty. Accordingly, he confirmed that the cryptocurrency is partially accepted. If you recall, the international organization previously argued that crypto was popular in corrupt areas.
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