BaFin announces another warning on unauthorized services by Interactive Assets

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BaFin announces another warning on unauthorized services by Interactive Assets

Web3/Crypto

Mark Branson, president of BaFin | BaFin

By Crypto Republique

Feb 17, 2025

The Federal Financial Supervisory Authority (BaFin) has issued a consumer warning regarding Interactive Assets, a company allegedly offering unauthorized banking and financial services through new websites. This announcement was made in a news release on February 14, 2025.

According to BaFin, Interactive Assets has transitioned from its deactivated website interactiveassets.pro to new sites interactiveassets.biz and interactiveassets.trade. The operators are suspected of providing unauthorized financial, investment, and crypto asset services while falsely claiming affiliation with Börse Stuttgart GmbH and supervision by BaFin. This constitutes identity fraud, as per the German Banking Act and Cryptomarkets Supervision Act.

The German Crypto Markets Supervision Act (KMAG), effective December 27, 2024, introduces regulatory measures for overseeing crypto markets in Germany. It emphasizes market transparency, operational resilience, and compliance with European crypto regulations. The KMAG mandates that crypto service providers secure licenses, maintain robust systems, and ensure transparent practices within the sector to align with EU standards.

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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 is ranked 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 is responsible for overseeing 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. BaFin's responsibilities include solvency supervision, market supervision to ensure fair conditions, and preventing misuse for money laundering or terrorist financing.