Tag: BaFin

June 30, 2023 BY Steffy Bogdanova

Germany rejects Binance’s application for crypto license

Binance has not yet commented on the denied license bid, however, a spokesmen for the company only shared that "ongoing process" and the exchange continues “to work to meet Bafin's requirements." It is unclear whether the rejection is formal or whether the German regulator has expressed their intention in ongoing discussions. Binance has been facing…

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September 19, 2022 BY Steffy Bogdanova

German regulator BaFin flags GTS Financial LLC as not authorised

In the official statement, BaFin Stated: The company claims on its website that it is regulated by the U.S. Securities and Exchange Commission, but this cannot be verified. The regulator added: Companies that conduct banking business or provide financial services in Germany require authorisation under the KWG. However, some companies operate without the necessary authorisation.…

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May 20, 2022 BY Steffy Bogdanova

Binance seeks to secure German crypto license

The news follows the crypto exchange’s authorization to operate its digital asset trading platform in France, revealed in the beginning of May. The new Digital Asset Service Provider (DASP) registration allows Binance to facilitate digital asset custody, let users buy and sell crypto and help to exchange digital assets for each other. The approval was…

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February 07, 2022 BY Steffy Bogdanova

German regulator BaFin issues warning on social posts on crypto assets

Moreover, BaFin highlighted that there are many investment tips circulating on social media about crypto stocks and other financial products which are not reliable. They may even be false, misleading or fictitious. BaFin stated in the official warning: Digital, lucrative and trendy: this is the image that crypto assets now have among private investors. However,…

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December 29, 2021 BY Steffy Bogdanova

BaFin imposes a €8.6 million fine on Deutsche Bank AG

BaFin stated: It requires contributors to have in place effective systems and controls. Contributors are natural or legal persons who contribute data for determining benchmarks. In the European Union, the Euro Interbank Offered Rate (EURIBOR) is used as benchmark, for example. Breaches of the Benchmarks Regulation can result in a fine which can reach up…

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October 21, 2021 BY Steffy Bogdanova

BaFin investigates trading platform coinstrades.com

Under the German Banking Act (Kreditwesengesetz – KWG), companies conducting banking business or provide financial services in Germany are required to have an authorisation. BaFin stated: BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that anyone seeking to invest money online should exercise the…

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BaFin warns about the paradigm shift following Brexit
October 14, 2021 BY Steffy Bogdanova

BaFin to get "more bite" in new supervision reforms

Mark Branson said in his first conference since taking the new position: But for me, this is only the beginning of BaFin's long-term development. It will take time before we reach our objectives in all areas. Among the new measures taken this year to deliver on strengthening BaFin’s powers, task forces to oversee companies with…

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BaFin warns about the paradigm shift following Brexit
June 29, 2021 BY Steffy Bogdanova

Coinbase receives crypto license from German regulator BaFin

Coinbase also discussed in its press release the already thriving scene surrounding blockchain and noted that Germany is, in fact, the second-ranking country after the US when measuring the amount of Bitcoin nodes being processed. The announcement revealed that Coinbase Germany GmbH is due to be launched in the next few weeks, intending to serve…

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Forex Weekly Look Back
January 29, 2021 BY Steffy Bogdanova

Forex Weekly Look Back: Robinhood to restore GameStop trading, Brokeree integrates Liquidity Bridge with Ausprime

Germany’s Federal Financial Supervisory Authority (BaFin) filed criminal complaint on Thusrday against one of its employees for suspected insider trading in payments company Wirecard. BaFin said that the employee of the securities supervision department sold structured products based on Wirecard on 17 June 2020. The date is one day before Wirecard’s auditor EY found that 1.9…

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