The German Federal Financial Supervisory Authority (BaFin) has issued a warning to consumers regarding “Turbon,” suspecting that the operators of the website turbon.co are providing unauthorized financial, investment, and cryptoasset services while falsely claiming to be based in London.
According to BaFin, the website turbon.co is operated by unknown parties who are suspected of offering these services without proper authorization. Under German law, such activities require approval from BaFin, and consumers can verify the authorization status through BaFin’s company database. The warning is grounded in sections 37 (4) of the German Banking Act and 10 (7) of the German Cryptomarkets Supervision Act.
The German Crypto Markets Supervision Act (KMAG), which will come into effect on December 27, 2024, introduces regulatory measures for overseeing crypto markets in Germany. It emphasizes market transparency, operational resilience, and compliance with European crypto regulations. The KMAG mandates that crypto service providers secure licenses, maintain robust systems, and ensure transparent practices within the sector. This framework aims to support secure and compliant market operations in alignment with EU standards.
Blockpit’s analysis ranks Binance as Europe’s safest licensed cryptocurrency exchange due to its regulation in multiple European countries, AES-256 encryption, and the SAFU (Secure Asset Fund for Users) program for user protection. Coinbase follows in second place with 98% of assets held offline and licensing by BaFin in Germany. Kraken ranks third by storing 95% of assets in cold wallets and adhering to regulations across the EU and other regions.
BaFin is responsible for overseeing the stability and integrity of Germany’s financial system. It supervises banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, and other related entities. BaFin’s responsibilities include solvency supervision and market supervision to ensure fair conditions while preventing misuse for money laundering or terrorist financing.
