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Financial regulators of Germany warns the public about unauthorized crypto offerings

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The German Federal Financial Supervisory Authority (BaFin) on November 29, issued a warning against a firm called Platin Genesis DCC mentioning that it’s not authorized or approved by the concerned authority.

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BaFin states in the warning that the firm was advertising about a “Platinum Coin Crypto Fund” over social media which it claimed was “approved and released by BaFin.” In its statement, the watchdog clarifies it to be false.

Clarifying BaFin says that the firm doesn’t have approval under section 34 of the German Banking Act to offer financial services or conduct banking activities. BaFin isn’t supervising the firm.

Firm’s token “Platincoin” is listed on CoinMarketCao, and is up by 4.37% an trading around $4.76 at press time.

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This month earlier, BaFin ordered a partial cessation of activities of Finatex Ltd, U.K.-based crypto-related firm. Fintax was ordered to halt its cross-border proprietary trading effective “immediately” over Crypto-Capitals, a trading platform.

Without the permission of the German Banking Act. Fintax purportedly offered, “options, contracts for difference (CFDs) on shares, indices, currencies and commodities.”

Since earlier BaFin has maintained a sharp stance towards the ICOs and has called for regulation towards this sector globally. Felix Hufeld, BaFin said last month, “the number (of ICOs) and the volume (of money) per ICO are both getting higher. Investors have mostly minimal rights.” adding to it he stated a reference for the private investors to “keep away from such things” as the discussion in the sector is underway in “multiple international sectors.”

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