The German Federal Financial Supervisory Authority (BaFin) has issued a warning regarding "Everix Edge," alleging that its operators are contacting consumers via email to offer unauthorized financial, investment, and cryptoasset services.
According to BaFin, the warning concerns "Everix Edge" and alleges that unknown operators are using email to promote unauthorized financial, investment, and cryptoasset services while falsely claiming affiliations with Baden-Württembergische Wertpapierbörse GmbH and Boerse Stuttgart Digital Custody GmbH. BaFin identifies the scheme as identity fraud and advises consumers to verify service providers through official channels. The warning is issued under section 37 (4) of the German Banking Act (KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomärkteaufsichtsgesetz), according to a news release.
The German Crypto Markets Supervision Act (KMAG), effective on 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, according to the Federal Law Gazette.
Blockpit’s analysis of Europe’s safest licensed cryptocurrency exchanges ranks Binance first, citing 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, 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; market supervision to ensure fair and transparent conditions; and preventing misuse for money laundering or terrorist financing.
