The German Federal Financial Supervisory Authority (BaFin) has issued a warning to consumers regarding the website consorsglobal.com, which is offering financial, investment, and cryptocurrency services without the necessary authorization.
According to BaFin, the operators of consorsglobal.com, identified as Netming Limited, claim regulation by a non-existent EU organization called the "Financial Certification Organization." The same company has been previously linked to other flagged websites, including foxmngt.com and viennacapai.com. BaFin reminds consumers that only authorized companies can legally provide such services in Germany. It advises checking BaFin’s database for authorized firms and issues this warning based on the German Banking Act (KWG) and the German Cryptomarkets 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. The 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, 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. Its responsibilities include solvency supervision and market supervision to ensure fair conditions while preventing misuse for money laundering or terrorist financing.
