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The Federal Financial Supervisory Authority (BaFin) has issued a consumer warning concerning Bit-Wise, which is reportedly offering unauthorized banking and financial services through its website. This announcement was made in a news release on January 13, 2025.
According to BaFin, the company is providing these services on its website, bitwise-pro.com, without the necessary authorization and is not under BaFin's supervision. Previously, BaFin had issued a warning about another website, bit-wise.co, on June 7, 2024. In Germany, only companies authorized by BaFin are permitted to offer financial services.
Section 37 of the German Banking Act (KWG) empowers BaFin to intervene against unauthorized banking activities or financial services. If a company operates without the required licenses or engages in prohibited transactions, BaFin can order operations to cease and appoint a liquidator for settlement. The authority also has the power to inform the public if a company is suspected or found engaging in unauthorized activities and must correct any false information as per the Federal Ministry of Justice of Germany.
