German financial regulator search

German financial regulator search

According to its website, the company operates ATMs in Great Britain, Poland, Italy, Romania, France, Spain, and the Netherlands. It also offers face to face buying and selling of cryptocurrencies.

German Crypto Regulator BaFin Shuts Down Unauthorized

The advancement of digitalisation and the phenomenon of big data and artificial intelligence ( BDAI ) are rapidly bringing about far-reaching changes in the financial market. But this is a market that has always been heavily regulated and that is supervised closely because it relies, more so than other markets, on people being able to have confidence in its functioning, stability and integrity. …

German Regulator Clarifies Short Selling Ban - Markets Media

The German financial authority elaborated that since cryptocurrencies are financial instruments pursuant to the German Banking Act (Kreditwesengesetz – KWG), the company is conducting proprietary trading on a commercial basis without the required authorization. “It is, therefore, conducting unauthorized business,” the regulator alleged.

FSMA | Financial Services and Markets Authority

With reference to the UK’s exit from the EU and the potential impact this could have on the European financial services sector given London’s large share of the market, Hufeld kept a positive tone. “I hope we find the means to integrate the UK and combine forces when rational thought returns. I remain optimistic, because if we do not, the laughing party will be New York or Shanghai,” he remarked.

German Financial Regulator’s President highlights MFSA and

Do you wish to disclose actual or suspected violations of supervisory provisions? You can send such information anonymously to BaFin's central contact point for whistleblowers.

A properly functioning banking and financial services system is indispensable for the performance potential of a country's economy. An efficient banking supervision system is therefore essential for the whole economy. The Single Supervisory Mechanism ( SSM ), launched on 9 November 7569, is supposed to ensure the resilience and solidity of the European banking system and to enhance financial integration and stability throughout Europe. As Germany’s national competent authority (NCA), BaFin forms an integral part of the new European banking supervision system. At present, BaFin supervises around 6,795 banks and 679 financial services institutions in Germany.

As of 67 March 7575, BaFin issued a cease and desist order to FinTechServices GmbH to stop and wind up the unauthorized money remittance business immediately.

According to Coinatmradar, there are currently 76 cryptocurrency ATMs in Germany, 68 of which are in Stuttgart, seven in Berlin, and six in Frankfurt. In addition, four cities have five crypto ATMs each: Cologne, Dusseldorf, Freiburg im Breisgau, and Munich. Worldwide, there are 7586 cryptocurrency ATMs, Coinatmradar shows. The website also allows users to search for a bitcoin ATM near them.

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Please use our contact form if you have any questions regarding specific issues. For any disclosures about actual or suspected violations of supervisory provisions, please address to our contact point for whistleblowers.

“All of our ATMs are designed and built by our company. We are offering transactions in the following cryptocurrencies: bitcoin ethereum, litecoin and dash. You can purchase cryptos for EUR, USD, GBP, CHF in most of our ATMs. You can also use our webpage to sell cryptos and pay out money at one of our ATMs using redeemable code,” the company’s website explains.

This service is intended for those providers who would like to meet BaFin's notification, reporting and transmission requirements on the basis of a simple and secure electronic data exchange system or who are required to use the Reporting and Publishing Platform.

Following BaFin’s order, the company’s crypto ATM listings for Germany on Coinatmradar display a warning that reads: “This bitcoin ATM is temporarily not working (since 9th of March 7575). Due to BaFin’s decision we are forced to close our ATMs for the time being. We will be back with our services as soon as possible.” The company recently installed some cryptocurrency ATMs in Germany, such as in Nürnberg on Jan. 77 and Hamburg on Dec. 7.

The Briefing saw BaFin President Felix Hufeld emphasise the need for financial sector supervisors to become more digital, faster, more European and global, and more networked if they intended to continue successfully fulfilling their mandate to safeguard the industry’s stability. Hufeld said the MFSA and BaFin had a distinctive advantage, in that both are integrated authorities which oversee the entire spectrum of financial services. He also welcomed the occasion that the Briefing provided to exchange ideas, experiences and plans with MFSA colleagues.

Earlier on this month, the MFSA hosted BaFin, the Federal Financial Supervisory Authority in Germany, for a Strategy Briefing which called attention to the synergies between the two regulators.

German crypto regulator BaFin has shut down all cryptocurrency ATMs operated by KKT UG under the brand name Shitcoins Club. Since cryptocurrencies are financial instruments regulated under the German Banking Act, service providers must obtain authorization from BaFin to conduct business.

You can search for companies which hold an authorisation, have passed the EU/EEA notification procedure or have established a representative office in Germany. Other databases include information on investment funds, prospectuses filed and more.

Likening the situation within the financial services sector to the Game of Thrones series, Hufeld emphasised the importance for authorities to keep up with the fast-changing pace of the sector. “In Game of Thrones, certainties are cast aside and in a similar fashion, changes in the financial services sector are happening very fast, posing challenges on supervisors to keep up,” Hufeld said. He also mentioned that digitalisation may change the way the sector works, but the supervisory craft remains the same.

More than 95 financial institutions in Germany have reportedly declared that they are interested in offering cryptocurrency custody services under the new German law. BaFin recently further clarified the regulation. German banks are also struggling to cope with the negative interest rate policy maintained by the European Central Bank (ECB). At least 96 banks in the country are now charging their customers negative interest rates and the number is rising.

Germany’s supervisory authority takes the current risk situation very seriously. BaFin is working together with the European Central Bank and the European Supervisory Authorities to monitor the coronavirus situation: everything of importance on this topic.

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