The financial market supervisory authority BaFin has issued a warning against the transactions with cryptocurrencies offered in Germany under the name “Bitcoin Era”.
On January 4, the Federal Financial Supervisory Authority ( BaFin ) published a warning about the crypto trading platform EXW-Wallet , which operates without a license .
Missing BaFin permit
As reported by BaFin, there is a suspicion of “operating unauthorized domestic payment services”. Neither the company VIVAEXCHANGE OÜ, Tallinn, Estonia, nor EXW Global Co. Ltd., Thailand, have been granted a license in accordance with Section 10 of the Payment Services Supervision Act (ZAG) to provide payment services. Both companies are not under the supervision of BaFin as required.
VIVAEXCHANGE OÜ advertises on “the homepage www.exw-wallet.com, among other things, for trading in digital currencies via its trading platform as well as the issuing of credit cards and the implementation of a PoS payment system”.
Since a “Chief Sales Officer” for Germany is also mentioned on the homepage , there is a suspicion of carrying out “unauthorized payment services in Germany”.
BaFin monitors new crypto legislation
The BaFin information campaign on suspected crypto fraudsters or providers operating in Germany without a license from abroad continues. Since the changes to the law passed by the federal government in 2019 , crypto values have been considered a new legal object and financial instrument in Germany, for whose safekeeping a BaFin license is required.