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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.
