Banking, financial services, and crypto asset services in Germany are only allowed to be offered with approval from BaFin. Some companies, however, provide such services without the necessary authorization. Information on whether a specific company is covered by BaFin can be found in the company database.
BaFin’s information is governed by § 37 para. 4 of the Banking Act.
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BaFin, the Federal Criminal Police Office, and public prosecutors generally advise consumers to be extremely cautious when investing online and to thoroughly inform themselves beforehand to detect fraud attempts in time.
In the episode «Beware of Fraud» of the BaFin Consumer Protection Podcast, you can also learn how to protect yourself from financial market fraud.
It is important for consumers to be aware of the risks associated with unregulated financial services providers. By only utilizing authorized and reputable services, individuals can protect themselves from potential scams and fraud. BaFin plays a crucial role in overseeing and regulating financial activities in Germany to ensure consumer protection and market integrity.
When considering engaging with financial services providers, individuals should always verify the company’s authorization with BaFin. This simple step can prevent falling victim to fraudulent schemes and illegal activities.
BaFin’s guidelines and regulations are designed to safeguard consumers and maintain the stability of the financial market. By adhering to these rules, both companies and consumers can contribute to a transparent and secure financial sector.
Consumers should remain vigilant and report any suspicious activities or unauthorized financial services to BaFin. This proactive approach can help prevent financial crimes and protect the interests of all market participants.
In conclusion, it is essential for individuals to prioritize their financial security and only engage with authorized financial service providers. By staying informed and cautious, consumers can protect themselves from potential risks and ensure a safe investment experience.
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