Bitcoin Bankbreakers Thrive Amidst Investigation by German Financial Regulator BaFin

The cryptocurrency trading site Bitcoin BankBreaker has not received regulatory authorisation, according to the BaFin database.

The cryptocurrency network Bitcoin Bank Breaker is the subject of an inquiry by the German Federal Financial Supervisory Authority, often known as BaFin.

The watchdog suspects the company is operating without the required authorization since it sees multiple warning signs surrounding it.

BaFin stated that Bitcoin Bank Breaker’s owners have not given a full company name, legal form, or place of business on the website and advised German consumers to be extra cautious while dealing with it.

The regulator also questioned if the platform’s creators were authorized to offer investing and financial services.

“Anyone who offers banking, financial, or securities services in Germany requires permission from Bafin,” it reminded.

An extensive search of BaFin’s database reveals that Bitcoin Bank Breaker is in fact not registered with the government agency.

The watchdog then gave customers advice to exercise extreme caution when making investments online and to perform thorough due diligence to spot fraud before it’s too late.

According to its website, Bitcoin Bank Breaker is a trading platform that offers “beginners and advanced traders” who want to enter the BTC ecosystem “a fresh and accessible experience.”

It is important to note that none of the information about the organization’s history, location, or leaders is available on its official website.