Unauthorized business: BaFin investigates Bitget!

Last Updated: 30. Januar 2024By

Dubious cryptocurrency exchange Bitget continues to be heavily advertised in the German-speaking region. A well-known „crypto YouTuber,“ for example, has previously promoted the dubious cryptocurrency exchange FTX, allegedly based in the Bahamas, in the German-speaking region and recommended it to his viewers like hot cakes – of course, through corresponding affiliate links.

The temporary end of this story is well known. In November 2022, FTX collapsed, causing significant shockwaves in the crypto markets. Since then, this „crypto YouTuber“ has been promoting the equally dubious cryptocurrency exchange Bitget, allegedly based in the Seychelles.

FMA and BaFin consider „not over-regulated“ as unauthorized activity! For example, on his X-account (Twitter), the „crypto YouTuber“ makes the following statements regarding Bitget, among others, which I quote verbatim:

„Top 5 exchange globally, by trading volume, not some random juice store lol, over 5 billion USD daily. EUR deposits and withdrawals can be easily made via bank transfer. Leverage options with extremely low fees of 0.02% – 0.06%. Over 5 years old, already popular in the Asian region, now slowly gaining global recognition, established market participant. Not „over-regulated,“ not a bank that needs proof for every fart and doesn’t let me access my own money.“

I reported as early as 17.01.24 that the Financial Market Authority Austria (FMA) has issued an investor warning against the cryptocurrency exchange Bitget. In my previous warning, I also pointed out that there are no licenses or permits from the Federal Financial Supervisory Authority (BaFin). Therefore, it is now just as welcome as it is consistent that BaFin has also issued a warning in its section „Unauthorized Activities.“

29.01.2024 | Topic Unauthorized Activities, Consumer Protection bitget.com: BaFin investigates BG Limited

The financial supervisory authority BaFin warns against offers from BG Limited. According to their information, the company offers financial services on its website bitget.com without permission. BaFin does not supervise BG Limited.

Financial services may only be offered in Germany with BaFin’s authorization. However, some companies offer such services without the required permission. Information on whether a particular company is authorized by BaFin can be found in the company database.

BaFin’s information is based on Β§ 37 para. 4 of the German Banking Act. BaFin, the Federal Criminal Police Office, and the state criminal police offices generally advise consumers to be extremely cautious when investing money on the Internet and to thoroughly research in advance to recognize fraud attempts in time.

My conclusion: Stay away from dubious cryptocurrency exchanges like Bitget! Stay away from dubious crypto providers like Bitget, which are still active in the German-speaking region without licenses and are aggressively promoted by equally shady YouTubers – based on high or attractive commission payments for referrals and/or activity.

Note: The company Bitget / BG Limited, as well as the crypto YouTuber, did not respond to a press inquiry requesting a statement!

Beware of the Bitcoin and crypto scammers! I regularly warn you about questionable providers and methods. If the damage has already occurred and a damage case has occurred, the following points are advisable:

1. Report to the police.

2. Inform national supervisory authorities (BaFin, FMA, FINMA).

3. Pursue legal action through a specialized lawyer – Our expert network is at your disposal.

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