The Federal Financial Supervisory Authority (BaFin) has issued a warning against the website amgfinancialeu.com, citing its provision of financial, investment, and crypto-security services without proper authorization. This announcement was made in a news release on February 18, 2025.
According to BaFin, the website offers unauthorized financial and crypto-asset services. The operator is identified only as AMGfinancialEU and claims to have addresses in Zurich and London. However, there is no evidence linking the site to LLB Swiss Investments AG, leading BaFin to suspect identity fraud. Similar unauthorized websites have been noted, all beginning with the phrase “Step up your trading with [name of operator].” In Germany, financial service providers must receive BaFin approval, and unauthorized entities can be verified through BaFin’s company database.
The German Crypto Markets Supervision Act (KMAG), effective from December 27, 2024, introduces regulatory measures for overseeing crypto markets in Germany. It emphasizes market transparency, operational resilience, and compliance with European crypto regulations. The KMAG mandates that crypto service providers secure licenses, maintain robust systems, and ensure transparent practices within the sector. This framework aims to support 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 across multiple European countries, AES-256 encryption technology, and the SAFU (Secure Asset Fund for Users) program for user protection. Coinbase follows in second place with 98% of assets held offline and licensing by BaFin in Germany alongside advanced security protocols. Kraken ranks third by storing 95% of assets in cold wallets while adhering to regulations across the EU and other regions.
BaFin is responsible for maintaining the stability and integrity of Germany’s financial system. It supervises banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, among others. Its responsibilities include solvency supervision and market supervision to ensure fair conditions while preventing misuse for money laundering or terrorist financing.
