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BaFin announces another warning on unauthorized services by Bit-Wise

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BaFin announces another warning on unauthorized services by Bit-Wise
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Mark Bran­son, president of BaFin | BaFin

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.

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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 takes third place by storing 95% of assets in cold wallets and adhering to regulations across the EU and other regions.

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 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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Crypto whistleblower on Bitget scam: I 'had over $260,865.88 in open leveraged trades' 'I lost everything'