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BaFin announces warning on unauthorized services by progcm.io

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BaFin announces warning on unauthorized services by progcm.io
Web3/Crypto
Webp branson3
Mark Bran­son, president of BaFin | BaFin

The Federal Financial Supervisory Authority (BaFin) has issued a warning against the website progcm.io for offering financial, investment, and crypto-security services without proper authorization. This announcement was made in a news release on February 3, 2025.

According to BaFin, the website GCMpro claims to operate from London, United Kingdom, and was previously linked to the now inactive website progcm.com. BaFin had already cautioned about the identical site gcmpro.org in November 2020 and recently became aware of similar websites with nearly identical content. These websites all start with the phrase, "Step Up Your Trading with [name of operator]." BaFin provides information about authorized companies through its database based on the German Banking Act (KWG) and Crypto Markets Supervision Act (KMAG).

Section 37 of the German Banking Act 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. The authority also has the power to inform the public if a company is suspected or found to be engaging in unauthorized activities.

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Blockpit’s analysis of Europe’s safest licensed cryptocurrency exchanges ranks Binance first due to its regulation in multiple European countries, AES-256 encryption, and the Secure Asset Fund for Users (SAFU) program for user protection. Coinbase takes second place with 98% of assets held offline, licensing by BaFin in Germany, and advanced security protocols. Kraken ranks third 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 other related entities. Its responsibilities include solvency supervision, market supervision to ensure fair and transparent conditions, and preventing misuse for money laundering or terrorist financing.

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