Altcoin News, Business, Cryptocurrency News, Legal, Market Analysis, Top Stories

‘BaFin’ – The German Financial Supervisory Authority Issues Warning Against Illicit ICOs.

BaFin [German Federal Financial Supervisory Authority] recently issued a warning regarding a firm named Platin Genesis DCC that isn’t licensed or approved by the required authorities.

In the warning, BaFin states that Platin Genesis was advertising a “Platinum Coin Crypto Fund” on social media, that it claimed was “approved and released by BaFin.” The watchdog clarifies in its statement which isn’t true.

However as per the Supervisory Authority [BaFin], the firm doesn’t have permission under the section category 34 of the German Banking Act to conduct banking activities or provide financial services. The firm isn’t under BaFin’s surveillance.

The firm’s token “Platincoin” is listed on CoinChangelly, and is presently trading at a price of $4.517 USD which is down by around 2.213 % on its daily chart, at the reporting time.

Even earlier this month, BaFin ordered a partial halt of activities of U.K.-based crypto-related firm Finatex Ltd. The firm was ordered to “immediately” place a halt to cross-border proprietary commerce on its trading platform named Crypto-Capitals.

Finatex supposedly offered “options, CFDs [Contracts For Differences] on shares, indices, currencies and commodities,” while not being authorized under the German Banking Act.

BaFin has maintained a hawkish stance toward ICOs, and has concerned international laws within the sector. Last month, BaFin chairman ‘Felix Hufeld’ aforementioned that “the range (of ICOs) along with the volume [of money] per ICO are both reaching higher levels. Investors have mostly nominal rights.”

Referencing ICOs, Hufeld suggested personal investors to “keep a distance from such things” adding that discussions on ICO laws were afoot in “multiple international forums.”

Leave a Comment

Your email address will not be published. Required fields are marked *