Alerts Sign-up
The Federal Financial Supervisory Authority (BaFin) has issued a warning against the website involmo.com for offering financial, investment, and crypto-security services without proper authorization. This announcement was made in a news release on February 12, 2025.
According to BaFin, the operator of involmo.com, Involmo, is providing financial and investment services without the required authorization. Despite claims of being licensed in the UK, Involmo lacks the necessary authorization to operate within Germany. BaFin advises consumers to verify financial service providers' credentials through its database.
Section 37 of the German Banking Act (KWG) permits BaFin to intervene against unauthorized banking activities or financial services. The Federal Ministry of Justice of Germany states that if a company operates without necessary licenses or engages in prohibited transactions, BaFin can order operations to cease and appoint a liquidator for settlement. Additionally, BaFin can inform the public about companies suspected or found engaging in unauthorized activities.
