- Regulatory Requirement: All companies offering banking, financial, securities, crypto-asset, or payment services in Germany must obtain BaFin authorization
- Legal Basis: Section 37(4) of the German Banking Act (Kreditwesengesetz – KWG) and Section 10(7) of the Cryptocurrency Markets Supervision Act (Kryptomärkteaufsichtsgesetz)
- Verification Method: Consumers can check company licensing status in BaFin‘s official database
BaFin, Germany’s Federal Financial Supervisory Authority, has issued a public warning against the website tavorello(.) net for offering financial and cryptocurrency services without the required regulatory authorization. The regulator suspects unknown operators behind the site are conducting unauthorized banking, securities, crypto-asset, and payment services activities in violation of German financial law.
BaFin, the German Federal Criminal Police Office (BKA), and state criminal police offices are jointly warning consumers about internet-based financial fraud schemes. The regulator emphasizes that prospective investors must conduct thorough research before committing funds online to identify fraudulent operations early.
Consumers seeking protection from fraudulent financial services activity can consult BaFin‘s “Recognising financial fraud” section on its website, which maintains current warnings about unauthorized financial service providers and offers guidance on safeguarding against market-based fraud.
