BaFin Launches Investigation Against BitcoinWelt

BaFin, Germany's Federal Financial Supervisory Authority, yesterday announced that it has launched an investigation into BitcoinWelt, due to its offering financial business without authorization in this country.

According to the regulator, providers of banking or financial services in Germany require a permit under the KWG. However, some companies act without the required permission. The regulator didn’t reveal further details on the investigation. 

The company's website claims to offer forex and CFDs trading services as well and is available in English and German languages. 

​BaFin recommends that anyone seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to avoid becoming the victim of fraud.

Recently, BaFin launched a block of investigation against entities offering financial business without authorization in Germany. These entities include QuantumMarket LTD, Slinqo Group LTD, and Flab Group LTD​.