Vaulttrades(.)co: Bafin warns consumers about website

The Federal Financial Supervisory Authority (Bafin) warns consumers about the services offered on the website vaulttrades(.)co. According to information available to Bafin, the operators are offering cryptoasset services on these websites without the required authorisation. The operators of the website are not supervised by Bafin.

Banking business, financial services and cryptoasset services may only be offered in Germany with authorisation from Bafin. However, some companies offer these services without the required authorisation. Information on whether a particular company has been granted authorisation by Bafin can be found in Bafin’s database of companies.

Bafin is issuing this warning on the basis of section 10 (7) of the German Cryptomarkets Supervision Act (KMAG).

Bafin, the German Federal Criminal Police Office (BKA) and the German state criminal police offices (Landeskriminalämter) warn consumers to watch out for internet-based financial fraud. If you wish to invest money online, exercise the utmost caution and do the necessary research beforehand in order to identify attempted fraud at an early stage.

In the Recognising financial fraud section of our website, you can view Bafin’s current warnings about companies operating without the required authorisation and find out how to protect yourself from fraud on the financial market.