Erscheinung:11.05.2022 | Topic Unauthorised business BaFin investigates operator of trading platform blokchains.de
In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that the operator of the trading platform blokchains.de does not hold authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin.
Based on the contents of the website blokchains.de, on the use of the top-level domain “de” and on information and documents available to BaFin, there are grounds to suspect that the platform is being used to conduct banking business and/or to provide financial services in Germany without the required authorisation. On blokchains.de, the operator of the website only refers to itself using the name Blokchains. The business address stated is located in London, United Kingdom. The terms and conditions, however, refer to Estonian law.
Companies that conduct banking business or provide financial services in Germany require authorisation under the KWG. However, some companies operate without the necessary authorisation. Information on whether a particular company has been authorised by BaFin can be found in BaFin’s database of companies.
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to avoid becoming the victim of fraud.
