The Federal Financial Supervisory Authority (BaFin) has issued a consumer warning regarding AuraSwiss, a company allegedly offering unauthorized banking and financial services through a new website. The announcement was made in a news release on January 28, 2025.
According to BaFin, the warning concerns AuraSwiss’s operations under the domain auraswiss.co, following an earlier alert about auraswiss.net, which has since been deactivated. The authority suspects that the site provides financial, investment, and cryptoasset services without the necessary authorization under the German Banking Act (KWG) and the German Cryptomarkets Supervision Act. The content reportedly mirrors other unapproved platforms previously flagged by BaFin. In Germany, such services require BaFin approval, which can be verified in its company database.
Section 37 of the German Banking Act (KWG) permits BaFin to take action against unauthorized banking activities or financial services. If a company operates without required licenses or engages in prohibited transactions, BaFin is empowered to order the cessation of operations and appoint a liquidator for settlement purposes. Additionally, BaFin can inform the public if there is suspicion or evidence of unauthorized activities.
Blockpit’s analysis ranks Binance as Europe’s safest licensed cryptocurrency exchange due to its regulation across multiple European countries, AES-256 encryption, and SAFU (Secure Asset Fund for Users) program for user protection. Coinbase ranks second with 98% of assets held offline and licensing by BaFin in Germany. Kraken follows in third place with 95% of assets stored in cold wallets and adherence to regulations across the EU and other regions.
BaFin is responsible for overseeing the stability and integrity of Germany’s financial system. It supervises banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, and related entities. Its responsibilities include solvency supervision and market supervision to ensure fair conditions while preventing misuse for money laundering or terrorist financing. Since May 1, 2002, BaFin has regulated and supervised the financial sector following the merger of three federal supervisory offices.
