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The Federal Financial Supervisory Authority (BaFin) has issued a warning to consumers regarding the website lumigain.io, which is offering cryptoasset and financial services without the necessary authorization. This announcement was made in a news release on February 25, 2025.
According to BaFin, the website lumigain.io claims oversight by the Crypto Standards Commission, an organization that lacks authority to approve such services. BaFin clarified that the company is not under its supervision. In Germany, providing crypto and financial services requires authorization from BaFin. The agency's official database can verify whether a company holds such authorization. This warning is issued under sections 37 (4) of the German Banking Act and 10 (7) of the German Cryptomarkets Supervision Act.
The German Crypto Markets Supervision Act (KMAG), effective since 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. The framework aims to support secure and compliant market operations in alignment with EU standards.
