The German financial authority warns investors of Crypto Asset against PlatinCoin

History repeats itself, so another encrypted company has been targeted by a financial authority. This time, the authority does not come from the United States or Southeast Asia, the two places where this is more common, but from Europe.

The Federal Financial Supervisory Authority (BaFin) of Germany recently decided to warn investors against a new cryptographic company called Platin Genesis DMC, which offers tokens called PlatinCoin. The company offers cryptographic products that include a blockchain portfolio and the token, but it is not at all compliant with German regulation.

This company is based in Zug, Switzerland, but operates under the PlatinCoin brand in the country.

BaFin has issued an official statement stating that investors in the country should avoid at all costs to invest in this company and also always be careful when investing. According to them, citizens should check all the ID details and the country in which the company was established before investing money. Any company that does not have clear and complete information on its ID must be ignored.

The German authority is having a lot of work lately because it requires compliance with its rules and regulations. The agency is trying to track down all the illegal companies that operate in the country and find ways to warn investors about them so that their wealth is not robbed by any scammers or that they lose it in clearly negative investments .

BaFin was certainly very wary of the new cryptographic industry and the ICOs being created. He constantly warned investors against them and talking about their associated risks when investing in Bitcoin or other encrypted.

Germany and crypt regulation

Germany is one of the countries in Europe that takes the regulation of cryptographic assets more seriously and can be considered one of the leaders in this field. Its officials are endeavoring to stem the illegal ICO market and to offer people regulated options so that only lawlessness is curbed and not innovation.

During a recent G20 summit in Argentina, Germany joined forces with France, another pro-crypto country, to push for a broad Bitcoin regulatory and legislative framework for the G20 countries.