BaFin announces warning on unauthorized services Global Trade Verein

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BaFin announces warning on unauthorized services Global Trade Verein

Web3/Crypto

Mark Branson, president of BaFin | BaFin

By Crypto Republique

Feb 6, 2025

The Federal Financial Supervisory Authority (BaFin) has issued a warning against Global Trade Verein for offering financial, investment, and crypto-security services without proper authorization. The announcement was made in a news release on February 5, 2025.

According to BaFin, the website gtv-holdings.com is being used by Global Trade Verein, based in Zurich, Switzerland, to offer unlicensed financial and investment services. The operator uses the name Global Trade Verein without disclosing a legal form, and no such entry exists in the Swiss commercial register. This warning is based on the German Banking Act (KWG) and the German 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 SAFU (Secure Asset Fund for Users) 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.