Erscheinung:18.02.2025 | Topic Unauthorised business, Consumer protection topcoinmarkt.de: BaFin warns against website
The financial supervisory authority BaFin warns against the website topcoinmarkt.de. According to its findings, the operator offers financial and investment services as well as crypto-value services there without permission.
The operator of the website appears under the name TopCoinMarkt, without using a legal form. He states that he is based in London, United Kingdom. He also claims to be registered in Cyprus with the CySEC (Cyprus Securities and Exchange Commission) and in the UK with the FCA (Financial Conduct Authority). This is not the case.
Recently, a large number of websites with almost identical content have already emerged, and BaFin has also issued warnings about these. In the vast majority of cases, the presentation on the websites begins with the following sentence: “Step into the trading arena with confidence”.
Anyone offering financial or investment services or crypto-securities services in Germany requires the permission of BaFin to do so. However, some companies offer such services without the required permission. Information on whether a particular company is authorized by BaFin can be found in the database of companies.
The information provided by BaFin is based on Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG).
