The Federal Financial Supervisory Authority (BaFin) has issued a warning regarding Euro Pro Markets, which is allegedly offering financial, investment, and crypto asset services without the necessary authorization. This announcement was made in a news release on March 18, 2025.
According to BaFin, the operators of the website europromarkets.com are suspected of providing unauthorized services in Germany. Such activities require prior authorization from BaFin. The authority advises individuals to verify a company's authorization status through its official database. This notice is based on Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG).
The KMAG, effective since 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 act mandates that crypto service providers secure licenses and maintain robust systems to ensure transparent practices within the sector. The 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 across multiple European countries, AES-256 encryption, and the SAFU program for user protection. Coinbase is ranked second for holding 98% of assets offline and being licensed by BaFin in Germany. Kraken takes third place by storing 95% of assets in cold wallets and adhering to regulations across the EU and other regions.
BaFin supervises the stability and integrity of Germany's financial system. Its responsibilities include overseeing banks, financial services institutions, payment institutions, e-money institutions, insurers, asset managers, and related entities. BaFin ensures solvency supervision and market supervision to maintain fair conditions while preventing misuse for money laundering or terrorist financing.
