The Federal Financial Supervisory Authority of Germany (better known by its abbreviation BaFin) launched an investigation against the cryptocurrency platform Bitcoin Bank Breaker
The watchdog believes there are several red flags surrounding the firm, suspecting it of functioning without the necessary authorization.
- BaFinwarned German consumers to be extra careful when dealing with the cryptocurrency trading platform Bitcoin Bank Breaker, claiming its operators have not disclosed a full company name, legal form, or place of business on the website.
- The regulator also cast doubts that the team behind the platform provides investment and financial services without permission.
“Anyone who offers banking, financial, or securities services in Germany requires permission from Bafin,” it reminded.
- A thorough look into BaFin’s databaseshows that Bitcoin Bank Breaker is indeed not registered with the federal institution
- Subsequently, the watchdog advised consumers to be highly cautious when investing on the Internet and conduct proper due diligence to identify any fraud before it is too late.
- Bitcoin Bank Breaker presents itself as a trading platform that delivers “a fresh and accessible experience to beginners and advanced traders” willing to enter the BTC eco.
- It is worth mentioning that its official website does not show when the entity was created, where it is based, or who its leaders are.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
