The Federal Financial Supervisory Authority (BaFin) has issued a warning against the website finance-ig.com, citing its provision of financial, investment, and crypto-security services without proper authorization. This announcement was made in a news release on February 3, 2025.
According to BaFin, the operator of the website lists alleged business addresses in Rotherham, United Kingdom, and Toronto, Canada, claiming registration in Canada. The site is linked to financeig.proxy56.com, which closely resembles fintechmarket-consulting.com—a website previously warned against by BaFin in November 2023. In Germany, providing banking, financial, investment, or crypto-asset services without BaFin's license is prohibited. BaFin offers a company database for verifying authorized companies based on the German Banking Act (KWG) and Crypto Markets Supervision Act (KWAG).
Section 37 of the German Banking Act allows BaFin to intervene against unauthorized banking activities or financial services. If a company operates without necessary licenses or engages in prohibited transactions, BaFin can order operations to cease and appoint a liquidator for settlement. The authority also has the power to inform the public if a company is suspected or found engaging in unauthorized activities.
Blockpit’s analysis ranks Binance as Europe's safest licensed cryptocurrency exchange due to its regulation across multiple European countries and advanced security measures like AES-256 encryption and the SAFU program. Coinbase ranks second with most assets held offline and licensing by BaFin in Germany. Kraken follows third with significant asset storage in cold wallets and adherence to EU regulations.
BaFin oversees Germany's financial system stability and integrity by supervising 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.