Erscheinung:13.06.2025 | Topic Unauthorised business, Consumer protection WhatsApp groups: BaFin investigates the companies Kwillow International Financial Group and Pioneer Coin Market
According to the information available to BaFin, Kwillow International Financial Group is using WhatsApp groups and chats to contact German investors. In cooperation with the company Pioneer Coin Market, the US-based company is offering financial and cryptoasset services without authorisation. Neither company is supervised by BaFin.
The initiators of these WhatsApp groups purport to be the US company Kwillow International Financial Group. They entice investors to register with the platform Pioneer Coin Market, which can be accessed via the domain pcmarketde.com and the app PCM PRO. Using WhatsApp groups and chats, they pass on recommendations for the purchase of financial instruments and cryptocurrencies that can be traded on the platform operated by Pioneer Coin Market.
BaFin advises all investors to very carefully check the information provided in the buy recommendations by consulting other sources, in particular when the recommendations are based on an automated AI system and investors are given the promise of extremely high profits.
Anyone providing financial, investment or cryptoasset services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary 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 warning 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 – KMAG).
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.
