The Bitcoin Bank Breaker trading platform positions itself as a service for beginners and experienced traders who want to become part of the Bitcoin ecosystem. However, the German regulator said that the operators of this platform provide financial and investment services without the necessary permission. BaFin urged local users to be careful not to use this service.
After analyzing the activities of Bitcoin Bank Breaker, the agency noticed that the organization’s website does not indicate its full name, location and legal form, and there is no information about the leadership.
“Any person offering banking, financial or investment services in Germany must obtain permission from BaFin. However, some companies offer these services without registration and license. Information about whether the company has a BaFin permit can be found in a special database, ”the regulator recalled.
In June, BaFin rejected an application for a license by the largest crypto exchange, Binance, refusing to comment on its decision. Last November, the German regulator demanded that the local division of the Coinbase crypto exchange improve risk management.
Source: Bits
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