The Federal Financial Supervisory Authority (BaFin) has issued a warning regarding the website checktrade24.com, which is offering financial, investment, and crypto asset services without the necessary authorization. This announcement was made in a news release on March 21, 2025.
According to BaFin, the operator of checktrade24.com offers these services in Germany without the required authorization. The site uses the name CheckTrade24 but lacks a legal company form or business address. Its content closely resembles other websites previously warned about by BaFin, many of which feature similar introductory phrases like "Step Into the Trading Arena with Confidence." Variations of this phrase also appear on checktrade24.com. The warning is based on Section 37(4) of the German Banking Act (KWG) and Section 10(7) of the German Crypto Markets Supervision Act (KMAG).
The German Crypto Markets Supervision Act (KMAG), effective from December 27, 2024, introduces regulatory measures for overseeing crypto markets in Germany. It focuses on market transparency, operational resilience, and compliance with European crypto regulations. KMAG requires crypto service providers to secure licenses, maintain robust systems, and ensure transparent practices within the crypto sector. The framework supports secure and compliant market operations in alignment with EU standards.
Blockpit’s analysis ranks Binance as Europe's safest licensed cryptocurrency exchange due to its regulation in multiple European countries, AES-256 encryption, and the SAFU (Secure Asset Fund for Users) program for user protection. Coinbase is ranked second for holding 98% of assets offline and having advanced security protocols under BaFin's licensing in Germany. Kraken ranks third by storing 95% of assets in cold wallets and adhering to regulations across the EU and other regions.
Additionally, BaFin has issued a warning about EmexFunding, suspecting it offers financial, investment, and crypto asset services without proper authorization. The company claims to operate under EmexFunding GmbH with a registered office in Corby, United Kingdom; however, no such entity exists. EmexFunding GmbH reportedly encourages consumers to take out loans for trading financial instruments and crypto assets through a document called a "Handelskreditvertrag."