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The Federal Financial Supervisory Authority (BaFin) has issued a warning regarding Xyron Beam AI, which is offering financial, investment, and crypto asset services without the necessary authorization. The announcement was made in a news release on February 25, 2025.
According to BaFin, unidentified entities are providing financial, investment, and crypto-related services online without authorization. In Germany, offering such services requires BaFin’s approval; however, some providers operate without the necessary permissions. BaFin advises checking its company database to verify authorization. This warning is based on legal provisions under the German Banking Act (KWG) and the Crypto Markets Supervision Act (KMAG), as said in the press release.
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 requires crypto service providers to secure licenses, maintain robust systems, and ensure transparent practices within the crypto sector. The framework supports secure and compliant market operations in alignment with EU standards.
