Erscheinung:25.02.2025 | Topic Unauthorised business, Consumer protection LumiGain: BaFin warns consumers about the website lumigain.io
The Federal Financial Supervisory Authority (BaFin) warns consumers about the website lumigain.io. According to information available to BaFin, cryptoasset services and financial services are being provided on this website without the required authorisation. The company is not supervised by BaFin..
The operator claims to be supervised by the Crypto Standards Commission, which is not an official financial market supervisory authority. Anyone providing cryptoasset services and financial services in Germany may do so only with authorisation from BaFin. The Crypto Standards Commission has no authority to grant such authorisation.
Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomärkteaufsichtsgesetz).
Please be aware:
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 identify fraud attempts at an early stage.
