Warnings on unauthorized offerings

Platin Genesis was advertising a “Platinum Coin Crypto Fund” on social media, which it claimed was “approved and released by BaFin.” The watchdog clarifies in its statement that this is not true. The German Federal Financial Supervisory Authority (BaFin) issued a warning Nov. 29 that a firm called Platin Genesis DCC is not authorized or approved by the proper authorities. the firm does not have permission under section 34 of the German Banking Act to conduct banking activities or offer financial services. The firm is not under BaFin’s supervision. The firm’s token “Platincoin” is listed on CoinMarketCap. BaFin ordered a partial cessation of activities of U.K.-based crypto-related firm Finatex Ltd.