Alerts Sign-up
The Federal Financial Supervisory Authority (BaFin) has issued a consumer warning regarding AuraSwiss, a company allegedly offering unauthorized banking and financial services through a new website. The announcement was made in a news release on January 28, 2025.
According to BaFin, the warning concerns AuraSwiss's operations under the domain auraswiss.co, following an earlier alert about auraswiss.net, which has since been deactivated. The authority suspects that the site provides financial, investment, and cryptoasset services without the necessary authorization under the German Banking Act (KWG) and the German Cryptomarkets Supervision Act. The content reportedly mirrors other unapproved platforms previously flagged by BaFin. In Germany, such services require BaFin approval, which can be verified in its company database.
Section 37 of the German Banking Act (KWG) permits BaFin to take action against unauthorized banking activities or financial services. If a company operates without required licenses or engages in prohibited transactions, BaFin is empowered to order the cessation of operations and appoint a liquidator for settlement purposes. Additionally, BaFin can inform the public if there is suspicion or evidence of unauthorized activities.
