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BaFin announces warning on company Weisshub Fin

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BaFin announces warning on company Weisshub Fin
Web3/Crypto
Webp branson4
Mark Bran­son, president of BaFin | BaFin

The German Federal Financial Supervisory Authority (BaFin) has announced an investigation into Weisshub Fin for allegedly offering banking, financial, and cryptoasset services on its website without the necessary authorization.

According to BaFin, a warning has been issued regarding Weisshub Fin's operations through its website, weisshub-fin.com. The company is reportedly not under BaFin's supervision, and such services require explicit authorization to operate legally in Germany. BaFin emphasized that consumers can verify a company's authorization status through its database. This action is based on relevant sections of the German Banking Act (KWG) and the German Cryptomarkets Supervision Act (Kryptomärkteaufsichtsgesetz), as said in a news release by BaFin.

The German Crypto Markets Supervision Act (KMAG), effective from 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 crypto sector. The framework aims to support secure and compliant market operations in alignment with EU standards, according to the Federal Law Gazette.

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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, licensing by BaFin in Germany, and advanced security protocols. 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. Its responsibilities include solvency supervision, market supervision to ensure fair and transparent conditions, and preventing misuse for money laundering or terrorist financing.

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