BaFin Cracks Down on Unauthorized Crypto Services with Nine Warnings
Germany's Federal Financial Supervisory Authority (BaFin) has intensified its crackdown on unauthorized crypto-asset services, issuing nine consumer warnings in just four days at the end of September 2026. Five of these warnings specifically cited violations of the Crypto Markets Supervision Act (KMAG), highlighting the regulator's active enforcement of the new law.
The KMAG, implemented in December 2024, is Germany's response to the European MiCA regulation. It requires all crypto-asset service providers operating in Germany to obtain a license, with BaFin empowered to name and shame those operating without one. The recent warnings underscore the end of the transitional period, leaving no room for unlicensed providers.
Among the notable cases, BaFin highlighted the misuse of corporate identities. In one instance, the regulator warned about the website bitbucks.space, clarifying that it had no connection to a legitimate Stuttgart-based company, Frank und Freunde GmbH. This case exemplifies the growing trend of fraudsters impersonating registered businesses to lure unsuspecting customers.
Additionally, BaFin identified a network of 28 nearly identical websites offering unauthorized crypto-asset services. These sites lacked valid imprints, making it difficult for customers to hold anyone accountable. The regulator described this as a cheap but effective tactic, where fraudsters duplicate website templates and switch addresses once one is exposed.