BaFin announces warning on unauthorized services by Involmo

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BaFin announces warning on unauthorized services by Involmo

Web3/Crypto

Mark Branson, president of BaFin | BaFin

By Crypto Republique

Feb 16, 2025

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.

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Blockpit's analysis ranks Binance as Europe's safest licensed cryptocurrency exchange due to its regulation across multiple European countries, AES-256 encryption, and SAFU (Secure Asset Fund for Users) program for user protection. Coinbase ranks second with 98% of assets held offline and licensing by BaFin in Germany. 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 by supervising banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, and related entities. Its responsibilities include solvency supervision, market supervision to ensure fair conditions, and preventing misuse for money laundering or terrorist financing.