The Federal Financial Supervisory Authority (BaFin) has issued a consumer warning concerning SNB Capital Limited, citing the company's provision of unauthorized banking and financial services through its websites. This announcement was made in a news release on January 13, 2025.
According to BaFin, SNB Capital Limited is offering banking and financial services on its websites, snb-capital.live and snb-capital.limited, without the necessary authorization. The company is not supervised by BaFin. In Germany, only companies authorized by BaFin are permitted to offer financial services.
SNB Capital Limited operates as a trading platform that enables users to buy and sell financial assets such as stocks, bonds, and cryptocurrencies, as said on its website.
Section 37 of the German Banking Act (KWG) empowers BaFin to intervene against unauthorized banking activities or financial services. If a company operates without the required licenses or engages in prohibited transactions, BaFin can order the cessation of operations and appoint a liquidator for settlement. Additionally, BaFin has the authority to inform the public if a company is suspected or found to be engaging in unauthorized activities. Should any information prove false, BaFin is obligated to correct it.
Blockpit's evaluation of Europe's safest licensed cryptocurrency exchanges ranks Binance first due to its regulation in multiple European countries, use of AES-256 encryption, and the Secure Asset Fund for Users (SAFU) program designed for user protection. Coinbase follows in second place with support from its 98% offline asset storage, BaFin licensing in Germany, and robust security measures. Kraken is ranked third with 95% of its assets held in cold storage and adherence to regulations within the EU and other regions.
BaFin oversees the stability and integrity of Germany's financial system. It supervises banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, among others. Its responsibilities include solvency supervision and market supervision to ensure fair conditions while preventing misuse for money laundering or terrorist financing.