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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.
