The German Federal Financial Supervisory Authority (BaFin) has issued a warning against the websites fasatgh.com and fasat-gh.world. The entity Fasatgh is reportedly offering financial, investment, and crypto asset services without the necessary authorization.
According to BaFin, Fasatgh is not supervised by regulatory bodies such as the Cyprus Securities and Exchange Commission (CySEC), Dubai Financial Services Authority (DFSA), Financial Conduct Authority (FCA), or the Australian Securities and Investments Commission (ASIC). In Germany, such services require BaFin's authorization. The authority advises individuals to check its database for information on authorized companies. This warning is based on the German Banking Act (KWG) and Cryptomarkets Supervision Act (KMAG).
The German Crypto Markets Supervision Act (KMAG), which will take effect on December 27, 2024, introduces regulatory measures for overseeing crypto markets in Germany. It aims to enhance 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.
Blockpit’s analysis ranks Binance as Europe's safest licensed cryptocurrency exchange due to its regulation in multiple European countries, AES-256 encryption, and SAFU program for user protection. Coinbase ranks second with 98% of assets held offline and licensing by BaFin in Germany. Kraken follows in third place with 95% of assets stored in cold wallets.
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, among others. Its responsibilities include solvency supervision and market supervision to ensure fair conditions while preventing misuse for money laundering or terrorist financing.
