Cryptocurrency

<p style="text-align: justify">The German Federal Financial Supervisory Authority (BaFin) issued a warning on Tuesday regarding the cryptocurrency exchange MEXC, stating that it is providing unauthorized financial services in Germany. The warning emphasized that institutions in Germany must obtain permission from BaFin in order to offer financial services.</p>
<h2 style="text-align: justify" id="warning-from-german-regulator-to-mexc-exchange">Warning from German Regulator to MEXC Exchange</h2>
<p style="text-align: justify">The German Federal Financial Supervisory Authority (BaFin) issued a warning about a cryptocurrency exchange operating illegally in the country. According to BaFin, the MEXC exchange is providing financial services to customers in Germany without obtaining permission from BaFin or having the necessary authorization.</p>
<p style="text-align: justify">BaFin highlighted the requirement for all institutions providing financial services in Germany to obtain permission from BaFin. The statement read:</p>
<blockquote>
 <p>“Financial services in Germany can only be provided with permission from BaFin. However, some companies are offering such services without the necessary authorization. Information on whether a specific company has been authorized by BaFin can be found in the company database. The information provided by BaFin is based on Section 37(4) of the German Banking Act.”</p>
</blockquote>
<p style="text-align: justify">BaFin also warned customers about the unauthorized financial services provided by MEXC and advised them to conduct thorough research before engaging with any institution.</p>
<h2 style="text-align: justify" id="img-decoding-async-class-wp-image-76021-size-full-aligncenter-src-https-coin-turk-com-wp-content-uploads-2019-11-bafin-almanya-jpg-alt-width-740-height-474-srcset-https-en-coin-turk-com-wp-content-uploads-2019-11-bafin-almanya-jpg-740w-https-en-coin-turk-com-wp-content-uploads-2019-11-bafin-almanya-265x170-jpg-265w-sizes-max-width-740px-100vw-740px"><img decoding="async" class="wp-image-76021 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2019/11/BaFin-Almanya-.jpg" alt="" width="740" height="474" srcset="https://en.coin-turk.com/wp-content/uploads/2019/11/BaFin-Almanya-.jpg 740w, https://en.coin-turk.com/wp-content/uploads/2019/11/BaFin-Almanya--265x170.jpg 265w" sizes="(max-width: 740px) 100vw, 740px"></h2>
<h2 style="text-align: justify" id="mexc-exchange-draws-attention-from-japanese-regulators">MEXC Exchange Draws Attention from Japanese Regulators</h2>
<p style="text-align: justify">Following the warning issued by the German Federal Financial Supervisory Authority, the cryptocurrency exchange MEXC has also come under scrutiny from regulators in Japan. In April, the Japan Financial Services Agency sent a warning letter stating that MEXC Global was operating in the country without the required registration.</p>
<p style="text-align: justify">However, the warning letter from the Japan Financial Services Agency did not solely target MEXC exchange. The same letter also reported that the exchanges <a href="https://en.coin-turk.com/binance-faces-regulatory-and-banking-crisis/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> and Bybit were providing unauthorized financial services in Japan.</p> Continue Reading: <a href="https://en.coin-turk.com/german-federal-financial-supervisory-authority-issues-warning-to-unauthorized-cryptocurrency-exchange/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/german-federal-financial-supervisory-authority-issues-warning-to-unauthorized-cryptocurrency-exchange/</a>

German Federal Financial Supervisory Authority Issues Warning to Unauthorized Cryptocurrency Exchange

Table of Contents

COINTURK NEWS

Other articles published on Oct 19, 2023

Arkansas Residents Outcry Over Rising Crypto Mining Nuisance, Senator Seeks Governor’s Response

Recent Funding Rounds for Crypto Projects & Companies on Oct 18th🚀💰

Gemini, Genesis, DCG Slammed with $1b Crypto Fraud Lawsuit

Reasons Behind Bitcoin’s Dominance Surge

Dan Tapiero’s Insights: A Positive Outlook on the Crypto Market

Crypto Invoicing Made Easy With Oduwa Core Wallet

Join our free newsletter for daily crypto updates!