The Federal Financial Supervisory Authority of Germany (better known by its abbreviation BaFin) launched an investigation against the cryptocurrency platform Bitcoin Bank Breaker.
The watchdog believes there are several red flags surrounding the firm, suspecting it of functioning without the necessary authorization.
BaFin warned German consumers to be extra careful when dealing with the cryptocurrency trading platform Bitcoin Bank Breaker, claiming its operators have not disclosed a full company name, legal form, or place of business on the website.
The regulator also cast doubts that the team behind the platform provides investment and financial services without permission.
“Anyone who offers banking, financial, or securities services in Germany requires permission from Bafin,” it reminded.
A thorough look into BaFin’s database shows that Bitcoin Bank Breaker is indeed not registered with the federal institution.
Subsequently, the watchdog advised consumers to be highly cautious when investing on the Internet and conduct proper due diligence to identify any fraud before it is too late.
Bitcoin Bank Breaker presents itself as a trading platform that delivers “a fresh and accessible experience to beginners and advanced traders” willing to enter the BTC ecosystem.
It is worth mentioning that its official website does not show when the entity was created, where it is based, or who its leaders are.
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