German financial authority warns public about unregistered crypto firm activities

01 Dec, 2018 | Updated: 01 Dec, 2018
by Fifi Arisandi
News
German financial authority warns public about unregistered crypto firm activities

German financial watchdog warns the public about unauthorized activities of the company behind Platincoin. 

Germany’s Federal Financial Supervisory Authority (BaFin) just  released a warning to the public about an unregistered company activities.

The company, namely Platin Genesis DCC is reported to have been actively promoting their "Platinum Coin Crypto Fund" on social media, while also claiming to have the approval of BaFin.

The truth of the matter, BaFin claimed that the company has never registered, thus it doesn’t have the permission to conduct banking activities or offer financial services, as regulated in the German Banking Act section 34.

As of writing time, Platincoin is valued at $4.48, with $2,053,980 volume in the last 24 hours and an unknown market cap according to Coinmarketcap.

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