The Federal Financial Supervisory Authority (BaFin) has issued a warning against the websites coincapitals.net and easyinvestingpro.com for offering unlicensed financial and cryptocurrency services. This announcement was made in a news release on February 5, 2025.
According to BaFin, the operators of these sites, known as CoinCapitals and EasyInvestingPro, do not provide legal entity details or disclose their business locations. Similar websites with nearly identical content have also raised concerns, often beginning with phrases like "Step into the trading arena with confidence." BaFin emphasizes that financial or crypto services in Germany require proper authorization, and consumers can verify a company’s status through its database. This warning is based on the German Banking Act (KWG) and the German Crypto Markets Supervision Act (KMAG), according to a press release by BaFin.
Section 37 of the German Banking Act allows BaFin to intervene against unauthorized banking activities or financial services. The Federal Ministry of Justice of Germany states that 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. Additionally, BaFin has the authority to inform the public if a company is suspected or found to be engaging in unauthorized activities.
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 Secure Asset Fund for Users (SAFU) program for user protection. Coinbase follows in second place with 98% of assets held offline, licensing by BaFin in Germany, and advanced security protocols. Kraken ranks third by storing 95% of assets in cold wallets and adhering to regulations across the EU 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. According to BaFin, its responsibilities include solvency supervision, market supervision to ensure fair and transparent conditions, and preventing misuse for money laundering or terrorist financing.
