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The Federal Financial Supervisory Authority (BaFin) has issued a warning concerning the website bitwelt.co, which is reportedly offering financial, investment, and crypto asset services without the required authorization. This announcement was made in a news release on February 27, 2025.
According to BaFin, the operator of bitwelt.co is providing these services without necessary permission. The website operates under the name Bitwelt and claims to be based in London, UK. In Germany, any entity offering such services must have BaFin's approval. Information regarding authorized companies can be found in BaFin’s database. The warning is grounded in Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG).
The KMAG, effective from 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 act requires crypto service providers to secure licenses and maintain robust systems to ensure transparent practices within the sector. This framework supports secure and compliant market operations aligned with EU standards.
