The German financial regulator has issued a warning about the exchange CoinBene


German customer service financial security has issued a warning regarding the leading crypto currency exchange CoinBene. The Federal financial supervision authority (BaFin) announced that CoinBene can work in the country without a license.

We received numerous inquiries regarding our alleged hiring in Germany
But CoinBene is not planning to open any office nor hiring any representative in Germany. Nonetheless, we would like to thank those who actively reached out to us for your concern and understanding

— CoinBene Global (@CoinBene) May 25, 2019

According to representatives of BaFin, CoinBene crypto currency exchange allows you to trade on their platform unregistered capturadora, later paying them a Commission per transaction to cheat in trading volumes.

To work in the legislative regulatory field, CoinBene should be included in the commercial register of Germany, but, apparently, its registration in the body is missing. Trading financial assets involves special tools of registration and requires the company to obtain permission in accordance with the banking law of Germany, Kreditwesengesetz (KWG)

Problems CoinBene

This is not the first problem that had to face the stock exchange for the last time. In March CoinBene suddenly stopped working, going offline for a long time, which has led many to assume that the crypto currency exchange has been hacked. Team CoinBene actively denied it, but many researchers pointed out at that time pretty suspicious transfers in the wallets of the exchange and back, which was activated in anticipation of this period.

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Tags: CoinBene


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