Quantcast

BaFin announces a warning on unauthorized services by profitflex247.com

Find out how to transform 10 euros into 100k with Bitcoin Runes
After 6 weeks of accumulation, Ethereum ready to soar? ETH analysis of April 19, 2024
Worldcoin launches layer 2 blockchain as eye scanning venture hits 10m users
Europe dominates crypto banking with 63 providers
French Usual raises $7M with its stablecoin USD0
Binance teams up with European universities to train students in Web3
Mobicoin: Mercedes-Benz launches an ecological cryptocurrency
Crypto Investors are Moving Funds into This Virtual Reality Project Before it Lists on Exchanges – What Does it Do?
27% of Ethereum Now Staked: $98 Billion Committed as Interest Peaks – Bitcoin News
Will bitcoin Continue to Rise or Fall?
Halving Bitcoin this week – Should you sell or buy?
Bitcoin seen surging to $450,000 — if this halving trend plays out
Cryptocurrencies: The Rebound Of Solana (Sol) Outperforms Bitcoin And Ethereum
CoinShares: Investors withdraw $126m as crypto confidence wanes
April's first two weeks saw more Ethereum loans liquidated than any month since June 2022
Will Bitcoin reach a new ATH in less than 10 days?
Binance adds Ethereum Omni Network project to Launchpool
Last weekend before the halving: What does the price of Bitcoin have in store for us?
Crypto liquidations creep toward $500 million as major token prices plunge
US government tops global Bitcoin holdings with $15b in assets
Cryptocurrencies: This London Mayoral Candidate Proposes Launching A London Coin
With its volatility at its lowest, Bitcoin ready for its next big move? BTC analysis for April 12, 2024
How Bitcoin’s record run could ignite a $2.5bn ‘powder keg’ of short interest
‘Tokenized Hedge Fund’ Rakes in Crypto Billions With 37% Yield
Marathon CEO Says Bitcoin's Upcoming Halving Event is Already Partially Priced In
Cryptocurrencies On Solana: Return To The Niche For Memecoins?
Spot bitcoin ETF cumulative trading volume crosses $200 billion
EU's MiCA Rules Have Had Little Influence on the European Crypto Market, Regulator Says
Monad raises $225M with its Ethereum compatible blockchain
Cardano Slips to 10th Position, Underperforming in a Surging Crypto Market – Market Updates Bitcoin News
BaFin announces a warning on unauthorized services by profitflex247.com
Webp branson
Mark Bran­son, president of BaFin | BaFin

The Federal Financial Supervisory Authority (BaFin) has issued a warning concerning the website profitflex247.com, which is offering financial and investment services without proper authorization. This announcement was made in a news release on January 24.

According to BaFin, the operator of profitflex247.com offers financial and investment services without a valid license and may be involved in identity theft. The operator claims to be authorized and regulated by the UK Financial Conduct Authority (FCA), but BaFin found no evidence linking the company Flex Instant Services Ltd, referenced by the website, to profitflex247.com. BaFin suspects that the website is misusing the identity of Flex Instant Services Ltd.

Section 37 of the German Banking Act (KWG) permits 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 for settlement. The authority also has the power to inform the public if a company is suspected or found to be engaging in unauthorized activities. Should this information prove false, BaFin is required to correct it, as said by the Federal Ministry of Justice of Germany.

Get the Newsletter
Sign-up to receive weekly round up of news from Crypto Republique
By submitting, you agree to our Privacy Policy and Terms of Service. By providing your phone number you are opting in and consenting to receive recurring SMS/MMS messages, including automated texts, to that number from our short code. Msg & data rates may apply. Reply HELP for help, STOP to end. SMS opt-in will not be sold, rented, or shared.

Blockpit's analysis ranks Binance as Europe's safest licensed cryptocurrency exchange due to its regulation in 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, licensing by BaFin in Germany, and advanced security protocols. Kraken takes third place, storing 95% of assets in cold wallets and adhering to regulations across the EU and other regions.

BaFin oversees Germany's financial system's stability and integrity. It supervises banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, and related entities. Its responsibilities include solvency supervision, market supervision for fair conditions, and preventing misuse for money laundering or terrorist financing.

More News

Charlie Bilello, chief market strategist of Creative Planning, said that gold and bitcoin lead all major asset classes in performance for 2025, marking a unique occurrence.

Jul 18, 2025

Binance has announced an update to the collateral ratios for several assets under its Cross Margin platform, set to occur between July 25 and August 1.

Jul 18, 2025

Vitalik Buterin, co-founder of Ethereum, said that building layer-2 networks to leverage Ethereum’s core features delivers security and efficiency unachievable by earlier enterprise blockchains.

Jul 18, 2025

Changpeng "CZ" Zhao, founder of Binance, said that the New York Stock Exchange (NYSE) should not be equated with the entire U.S. economy.

Jul 18, 2025

Marina Markezic, co-founder of the European Crypto Initiative, said that increased regulatory attention on Maximal Extractable Value (MEV) necessitates counter-measures to protect users and maintain market integrity while ensuring blockchain...

Jul 16, 2025

Changpeng Zhao, founder of Binance, has said that a Bloomberg article contained multiple factual errors and suggested that legal action for defamation could be considered again.

Jul 16, 2025