The Federal Financial Supervisory Authority (BaFin) has issued a warning regarding the website safefin.org, which is allegedly offering financial, investment, and crypto asset services without the necessary authorization. This announcement was made in a news release on March 19, 2025.
According to BaFin, the website safefin.org is operated by Safefin GmbH from London, UK. The authority suspects that the company is providing banking, financial, and investment services without proper authorization. It is alleged that Safefin GmbH is misusing parts of the imprint of a licensed German capital management company, COI Partners Deutschland GmbH, with no connection between the two entities. The warning was issued under sections of the German Banking Act and the German Crypto Markets Supervision Act.
The German Crypto Markets Supervision Act (KMAG), effective since December 27, 2024, introduces regulatory measures for overseeing crypto markets in Germany. The act focuses on market transparency, operational resilience, and compliance with European crypto regulations. According to the Federal Law Gazette, KMAG requires crypto service providers to secure licenses and maintain robust systems to ensure transparent practices within the crypto sector.
Blockpit’s analysis of Europe’s safest licensed cryptocurrency exchanges ranks Binance first due to its regulation in multiple European countries and security measures such as AES-256 encryption and the Secure Asset Fund for Users (SAFU) program. Coinbase ranks second with 98% of assets held offline and licensing by BaFin in Germany. Kraken ranks third by storing 95% of assets in cold wallets and adhering to regulations across 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, and other related entities. BaFin’s responsibilities include solvency supervision and market supervision to ensure fair conditions while preventing misuse for money laundering or terrorist financing.