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According to a press release, BaFin is investigating “Bitcoin Deutschland” and “Crypto Bank Software”. What investors should pay attention to now.

One of the tasks of the Federal Financial Supervisory Authority(BaFin) is to supervise all areas of finance in Germany. Among other things, BaFin is supposed to protect consumers from unauthorized and fraudulent activities. According to a statement published on September 1, BaFin is now launching investigations against those behind “Bitcoin Deutschland,” also known as “Crypto Bank Software.”

BaFin clarifies pursuant to Section 37 (4) of the German Banking Act (Kreditwesengesetz, KWG) that those responsible for the landing page, which advertise the Bitcoin trading software “Bitcoin Deutschland” or “Crypto Bank Software” to customers, do not have a license under the KWG to conduct banking business or provide financial services. The responsible persons are not subject to the supervision of BaFin.

Missing imprint at “Bitcoin Germany

Meanwhile, the page of “Bitcoin Germany” promises investors suspicious. So it says on the website:

The Crypto Bank software was developed with the most advanced programming the trading world has ever seen. The software is 0.01 seconds ahead of the markets. This leap in time makes the software the most consistent trading application in the world.

Whenever there is talk of superlatives like this in the financial world, investors would do well to take a second look and check with BaFin if necessary.

Registration no longer possible

Furthermore, visitors to the website can see a small red banner in the upper area that reads:

Warning: due to high media demand, we will discontinue registration on September 1 (…).

The operator is thus discontinuing its corporate business on the very day that BaFin also publishes its press release and the associated investigations. A brief search on the website reveals that there is no company imprint and no concrete contact option.

Furthermore, BaFin warns against fraudulent trading platforms. Investments in companies such as “Bitcoin Deutschland” carry considerable risks and a total loss. Also other regulatory and law enforcement agencies have words of caution for investors. It is advisable to exercise “extreme caution” and to base one’s investment on “thorough research”. A joint warning from BaFin, the Federal Criminal Police Office and the State Criminal Police Offices states:

‘It is part of the scam that the customer is initially assisted over the phone and appears to make profits, which he cannot, however, cash out.

After being asked for a statement, BaFin did not want to comment further on the case. However, it refers to two sources where investors can read about safe investing: “Geldanlage – unseriöse Anbieter erkennen” and to a joint warning message, which is already linked above.