German regulators ordered the cryptocurrency exchange to stop brokerages

nComments: A few days ago, the German financial regulator (BaFin) ordered a Berlin-based exchange Crypto.exchange GmbH to immediately stop its financial brokerage business. The reason is that the exchange advertised the euro for cryptocurrencies on its website, but users said they did not receive any money after they transfered the cryptocurrencies. BaFin also pointed out that the company is not authorized by regulatory authorities. Currently, btc-now.de website is no longer available.n
nTranslation: Clovern
The German financial regulator BaFin has ordered a Berlin-based exchange, Crypto.exchange GmbH, to immediately stop its financial brokerage business.n
BaFin said in a statement Not long ago, the exchange advertised on its website btc-now.de that it would sell bitcoins to customers in euros and sell it on the stock exchange.n
According to BaFin, the financial commission operations run by Crypto.exchange GmbH are not authorized by regulatory authorities. Bloomberg said that some users said they did not receive any money after they transferred the company’s cryptocurrency, and the financial regulator made the decision.n
In the report wrote:n
n”BaFin’s order can be legally enforced, but it has not yet been finalized.”n
nAs of press time, btc-now.de website can not be used.n
As early as April last year, BaFin began to close the payment processors associated with the Vika Currency Encryption program. This is a digital money service that faces widespread fraud allegations and has been fined € 2.6 million in Italy.n
A few weeks later, BaFin issued a restraining order to two holding companies related to Vikas, ordering the two companies “to withdraw their Internet Viktorian trading system.”n

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