Germany’s Financial Authority Warns Crypto Asset Investors Against PlatinCoin

History repeats itself, so another crypto company has been targeted by a financial authority. This time, the authority is not from the U. S. or Southeast Asia, the two places in which this is more common, but from Europe.

The Federal Financial Supervisory Authority (BaFin) of Germany has recently decided to warn investors against a new crypto company called Platin Genesis DMC, offering tokens called PlatinCoin. The company offers crypto products which include a blockchain wallet and the token but it is not compliant with the regulation from Germany at all.

This company is based in Zug, in Switzerland, but it is operating under the brand PlatinCoin in the country.

BaFin made an official statement in which it said that investors from the country should avoid at all costs investing in this company and also always taking care when investing. According to them, citizens would need to verify all the ID details and the country in which the company was established before investing any money. Any company without a complete clear information about its ID should be ignored.

The German authority has been having a lot of work lately as it enforces compliance with its rules and regulations. The agency is looking to track all illegal companies acting in the country and finding ways to warn investors about them so that their wealth is not robbed by any scammer or that they lose it in plainly bad investments.

BaFin has certainly been very wary of the new crypto industry and the ICOs that are being made. It has been constantly warning investors against them and talking about their associated risks when you invest in Bitcoin or other cryptos.

Germany And Crypto Regulation

Germany is one of the countries in Europe that takes the regulation of crypto assets more seriously and can be considered one of the leaders in this field. Its officials are making an effort to curb the illegal ICO market and to give people regulated options so that only illegality is curbed and not innovation as well.

During a recent G20 summit in Argentina, Germany paired with France, another pro-crypto country, to push for a wide Bitcoin regulatory framework and legislation for the G20 countries.

Platin Genesis Update:

A representative of the company reached out to us to issue a statement. Here it is in its entirety:

A few days ago a statement by the German Federal Department for Financial Supervision (BaFin) on regulating the activities of Platin Genesis DMCC in the territory of Germany became public. The Company top management believes that it necessary to make the following statement:

  1.    Platin Genesis DMCC does not do and has never intended to do any banking operations or provide any financial services to third parties either in the territory of Germany or the territories of any other countries.
  2.    In views of this, Platin Genesis DMCC has never applied for a license required to engage in banking operations.
  3.    For this reason, Platin Genesis DMCC is not subject to supervision by BaFin.
  4.    Platin Genesis DMCC does not and has never owned the blockchain fund mentioned in the statement by BaFin.
  5.    We want to draw your attention to the fact that Platin Genesis DMCC has never advertised through its official channels in the social media the Platincoin cryptocurrency fund and the presence of some licenses.
  6.    Platin Genesis DMCC cannot bear responsibility for actions by third parties, who, pursuing their own interests may provide inaccurate information about the activities of our Company.
  7.    Platin Genesis DMCC is a company specialising in the blockchain technology. We aim to develop new products using blockchain technology.
  8.    All other interpretations or statements related to the BaFin's stance on the activities of Platin Genesis DMCC are not true to fact. We urge you to use the Company's official pages to get information and we are always open to comments.

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