The German Federal Financial Supervisory Authority (BaFin) has warned citizens about the dangers of investing in the RTCoin project based in the Cayman Islands.
The regulator draws the attention of potential RTCoin customers to the fact that the cryptocurrency company does not have permission to conduct banking activities or provide financial services in the country.
RTCoin bills itself as “the world’s leading digital asset trading platform” and claims to have operations centers in the UK, South Korea, Italy and Hong Kong.
BaFin recalled that all companies that provide financial services in Germany must obtain permission. Information on whether the company has received a license from the country’s financial regulator can be found in the BaFin database.
The regulator said that RTCoin is not controlled by BaFin, and the information provided on the company’s website is misleading to potential customers.
Earlier, BaFin sent a warning to the German division of the Coinbase exchange. After auditing the financial statements of the platform, the regulator concluded that Coinbase Germany violated the standards set by the German Banking Law.
Source: Bits
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