The Bitcoin Bank Breaker trading platform positions itself as a service for beginners and experienced traders who want to become part of the Bitcoin ecosystem. However, the German regulator said that the operators of this platform provide financial and investment services without the necessary authorization. BaFin urged local users to exercise caution and not to work with this service.
After analyzing Bitcoin Bank Breaker’s activity, the agency noticed that the organization’s website does not provide its full name, location and legal form, and there is no information about its management.
“Any person offering banking, financial or investment services in Germany must obtain authorization from BaFin. However, some companies offer these services without registration and license. Information on whether a company has BaFin authorization can be found in a special database,” the regulator reminded.
In June, BaFin rejected the application of the largest cryptocurrency exchange Binance for a license, declining to comment on its decision. Last November, the German regulator required the local unit of cryptocurrency exchange Coinbase to improve its risk management.