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BaFin announces warning on unauthorized services by Fintexa.net

Mark Branson, president of BaFin | BaFin

By Crypto Republique

Jan 14, 2025

The Federal Financial Supervisory Authority (BaFin) has issued a consumer warning regarding the website Fintexa.net, cautioning the public that the company may be offering unauthorized financial services. This announcement was made in a news release on January 2, 2025.

According to BaFin, there is suspicion that the operators of Fintexa.net are providing financial and investment services without the necessary authorization. In Germany, such services require BaFin's approval. The authority advises checking its database to verify whether a company is authorized to offer these services.

Fintexa.net is described as an online trading platform offering various financial services, including Forex, cryptocurrency, and stock trading. It advertises features like low spreads, fast order execution, and customer support while claiming to provide access to global markets and personalized trading assistance.

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Section 37 of the German Banking Act (KWG) empowers BaFin to act against unauthorized banking activities or financial services. If a company operates without required licenses or engages in prohibited transactions, BaFin can order operations to cease and appoint a liquidator for settlement. Additionally, BaFin can inform the public about suspected unauthorized activities and must correct any false information if proven otherwise.

BaFin oversees Germany's financial system stability and integrity by supervising banks, financial service 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, following the merger of three federal supervisory offices, BaFin has been responsible for regulating and supervising the financial sector.

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