In a statement released on Friday, Germany’s financial regulator BaFin cautioned that the cryptocurrency trading site Rtcoin is not permitted to operate in Germany.
According to BaFin, Rtcoin was not registered with KWG to provide financial services in the nation. The German “Kreditwesengesetz,” or “Bank Act,” governs how institutions that offer banking and financial services must conduct their business. The scope of these regulations also applies to other German cryptocurrency exchange sites.
The company is not supervised by BaFin. The information provided on the company’s website, rtcoin.org, gives reasonable grounds to suspect that RTCoin is conducting banking business and providing financial services in Germany without the required authorisation.
BaFin statement
German is listed as one of the eight service languages on the website for the cryptocurrency exchange platform. According to the company’s website, Rtcoin describes itself as “the world’s leading digital asset trading platform” and runs operating centers in four countries, including the United Kingdom, South Korea, Italy, and Hong Kong.
Not only the Financial Conduct Authority’s list of registered businesses or businesses with temporary registration in the UK does not include Rtcoin, but the crypto exchange also is not present in the FCA’s list of unregistered crypto companies.
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