BaFin issues warning on Timebtc Group for unauthorized financial and crypto services

The German Federal Financial Supervisory Authority (BaFin) has issued a warning regarding Timebtc Group, which is offering financial, investment, and cryptocurrency services without the necessary authorization. The announcement was made in a news release on April 2, 2025.

According to BaFin, Timebtc Group is providing cryptoasset services through its website, timebtc.com, without the required authorization. The company is not under BaFin's supervision. BaFin emphasizes that banking, financial, and crypto services in Germany must be provided by firms with proper authorization. Consumers are advised to check BaFin's company database for information on authorized firms. This warning is issued under section 10(7) of the German Banking Act (KWG).

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 and maintain robust systems to ensure transparent practices within the crypto sector. The framework supports secure and compliant market operations in alignment with EU standards.

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