BaFin announces warning on unauthorized services by gewinnerss.com

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BaFin announces warning on unauthorized services by gewinnerss.com

Web3/Crypto

Mark Branson, president of BaFin | BaFin

By Crypto Republique

Feb 28, 2025

The Federal Financial Supervisory Authority (BaFin) has issued a warning against the website gewinnerss.com, citing its provision of financial, investment, and crypto-security services without proper authorization. This announcement was made in a news release on February 25, 2025.

According to BaFin, the operator of gewinnerss.com offers unauthorized financial and crypto-related services. The site is associated with the name Gewinnerss and claims a London address. It closely resembles previously flagged platforms. In Germany, providing such services requires BaFin approval, and unauthorized companies can be verified in its database. The warning is based on legal provisions from the German Banking Act (KWG) and the Crypto Markets Supervision Act (KMAG).

The German Crypto Markets Supervision Act (KMAG), effective December 27, 2024, introduces regulatory measures for overseeing crypto markets in Germany. It focuses on 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.

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Blockpit's analysis ranks Binance as Europe's safest licensed cryptocurrency exchange due to its regulation in multiple European countries, AES-256 encryption, and the Secure Asset Fund for Users (SAFU) program for user protection. Coinbase ranks second with 98% of assets held offline and licensing by BaFin in Germany. Kraken takes third place 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 conditions, and preventing misuse for money laundering or terrorist financing.