BaFin Flags Unauthorized Financial Website Operators FNX Network and KryptoEU

The Federal Financial Supervisory Authority (BaFin) has warned consumers on Monday about the services offered on two websites fnx-network.com and kryptoeu.com. According to information available to BaFin, financial and investment services are being provided on these websites without the required authorisation.

The German watchdog notes that the operator of fnx-network.com is simply referred to as “FNX Network”, and that there is no information regarding its legal form. The website does not contain a legal notice or any information regarding the company’s registered office.

In addition, KryptoEU, the operator of kryptoeu.com, is not supervised by BaFin. The regulator expressly points out that there is no connection whatsoever with a crypto custodian supervised by BaFin.

Anyone providing financial and investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.