The Federal Financial Supervisory Authority (BaFin) has issued a warning regarding the website fincareglobal.org, which is suspected of offering financial and investment services without the necessary license. This announcement was made in a news release on January 24.
According to BaFin, the operator of fincareglobal.org offers unauthorized financial and investment services under various names, including "Finance C G" and "Fincare Global PTE. Ltd." The operator falsely claims to be based in Singapore and regulated by the Financial Services Commission of Belize. BaFin suspects identity theft, as the operator was linked to inactive websites and has no connection to the legitimate fincareglobal.com.
Section 37 of the German Banking Act (KWG) allows BaFin to intervene against unauthorized banking activities or financial services. If a company operates without necessary licenses or engages in prohibited transactions, BaFin can order the cessation of operations and appoint a liquidator to handle the settlement. The authority also has the power to inform the public if a company is suspected or found to be engaging in unauthorized activities, according to the Federal Ministry of Justice of Germany.
Blockpit’s analysis ranks Binance as Europe's safest licensed cryptocurrency exchange due to its regulation in multiple European countries, AES-256 encryption, and its Secure Asset Fund for Users (SAFU) program for user protection. Coinbase is ranked second, with 98% of assets held offline, licensing by BaFin in Germany, and advanced security protocols. Kraken ranks third, storing 95% of assets in cold wallets and adhering to regulations across Europe and other regions.
BaFin oversees 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. Its responsibilities include solvency supervision, market supervision to ensure fair and transparent conditions, and preventing misuse for money laundering or terrorist financing.
