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The Federal Financial Supervisory Authority (BaFin) has issued a warning against the website topcoinmarkt.de, citing unauthorized financial, investment, and crypto-security services. This announcement was made in a news release on February 18, 2025.
According to BaFin, the operator of topcoinmarkt.de is offering these services without proper authorization. The website claims to be based in London and registered with both the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA). BaFin notes that it has previously warned against similar websites with nearly identical content. Offering such services in Germany without BaFin approval is illegal, and individuals can verify a company's authorization through BaFin's database.
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. This framework supports secure and compliant market operations aligned with EU standards.
