The Federal Financial Supervisory Authority (BaFin) has issued a warning regarding the website insightfxmarkets.com, which is offering financial, investment, and crypto asset services without the necessary authorization. This announcement was made in a news release on March 13, 2025.
According to BaFin, Insightfxmarkets LLC, based in Madrid, Spain, operates the website insightfxmarkets.com. The authority emphasizes that any company providing such services in Germany must obtain permission from BaFin. Information on whether a company is authorized can be found in BaFin’s company database. The warning is issued under Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG).
The German Crypto Markets Supervision Act (KMAG), effective from December 27, 2024, introduces regulatory measures for overseeing crypto markets in Germany. It focuses on market transparency, operational resilience, and compliance with European crypto regulations. The KMAG requires crypto service providers to secure licenses, maintain robust systems, and ensure transparent practices within the crypto sector. According to the Federal Law Gazette, this framework supports secure and compliant market operations in alignment with EU standards.
Blockpit’s analysis of Europe’s safest licensed cryptocurrency exchanges ranks Binance first due to its regulation in multiple European countries, AES-256 encryption, and the SAFU (Secure Asset Fund for Users) program for user protection. Coinbase takes second place with 98% of assets held offline and licensing by BaFin in Germany along with 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. BaFin’s responsibilities include solvency supervision and market supervision to ensure fair and transparent conditions while preventing misuse for money laundering or terrorist financing.
