The German Regulator, BaFin investigated the Bitcoin Breaker Website operators for performing unregistered financial services. Bitcoin Bank Breaker website provides a platform to perform trading financial instruments without permission.
According to BaFin, operators do not specify the company name, legal designation, or physical address on Bitcoin-bankbreaker.com. The lack of information leads BaFin to take steps of scrutiny as the website is doing operation without necessary authorization.
A note on the ‘About page’ of the website mentions that “for commercial purposes only and does not refer to any specific company nor specific service providers.”
Bitcoin Bank Breaker website is “fresh and accessible” for the new crypto users, where users can interface with unique “home-brewed features.” On that page, operators mentioned all the risks of full or partial losses happening in crypto trading.
In Germany, anyone who is willing to do banking, financial, or securities services requires the approval of BaFin. The regulator suggests that anyone can authenticate the company information whether it is licensed or not from their database.
The Federal Criminal Police Office and the State Criminal Police Offices also warn residents to be careful while investing on the Internet. Moreover, they also research to identify fraud before it’s too late.
Also Read: BaFin Raises Questions on Binance CEO Before License Pullout
