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BaFin announces warning on unauthorized services by AuraSwiss

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 company AuraSwiss, which may be offering unauthorized financial services. This announcement was made in a news release on January 7, 2025.

According to BaFin, AuraSwiss and its website, auraswiss.net, are suspected of providing financial and investment services without proper authorization. The authority notes that the website's content mirrors other previously flagged platforms using promotional language such as "Invest in Success Prosper with Confidence!" to attract consumers. In Germany, financial or investment services require BaFin authorization, and individuals can verify a company's authorization status through BaFin's company database.

Aura Swiss, founded in 2005, offers trading and investment services with over 20 years of experience. The company claims to provide various tools, trading signals, and multi-device support for trading in stocks, commodities, cryptocurrencies, and forex.

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Section 37 of the German Banking Act (KWG) allows BaFin to intervene against unauthorized banking activities or financial services. If a company operates without necessary licenses or engages in prohibited transactions, BaFin can order the cessation of operations and appoint a liquidator to handle the settlement. Additionally, BaFin has the authority to inform the public if a company is suspected or found to be engaging in unauthorized activities; if the information is proven false, BaFin is required to correct it.

BaFin oversees the stability and integrity of Germany's financial system. It supervises banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, and other related entities. Its responsibilities include solvency supervision and market supervision to ensure fair and transparent conditions while preventing misuse for money laundering or terrorist financing. Since May 1, 2002, BaFin has been responsible for regulating and supervising the financial sector following the merger of three federal supervisory offices.

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