History is repeating itself, so another crypto company has been targeted by a financial authority. This time the authority is not from the United States or Southeast Asia, the two places where it is most common, but from Europe.

Germany’s Federal Financial Supervisory Authority (BaFin) recently decided to warn investors about a new crypto company called Platin Genesis DMC, offering tokens called PlatinCoin. The company offers crypto products that include a blockchain wallet and the token, but it does not comply with German regulations at all.

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

BaFin made an official statement in which it said that investors in the country should avoid investing in this company at all costs and also always be careful when investing. According to them, citizens should verify all credentials and the country in which the company is established before investing any money. Any business without clear and complete information about its username should be ignored.

The German authority has had a lot of work lately to enforce its rules and regulations. The agency seeks to track down all illegal companies operating in the country and find ways to alert investors so that their wealth is not stolen by a scammer or lost in blatantly bad investments.

BaFin has certainly been very suspicious of the new crypto industry and ICOs being created. He constantly warned investors against them and talked about the risks associated with investing in Bitcoin or other cryptos.

Germany and crypto regulation

Germany is one of the countries in Europe that takes the regulation of crypto assets more seriously and can be considered one of the leaders in this field. Its officials are working to curb the illegal ICO market and give people regulated options so that only illegality is curbed and not innovation.

At a recent G20 summit in Argentina, Germany teamed up with France, another pro-crypto country, to push for a broad regulatory framework and Bitcoin legislation for countries in the G20.

Platin Genesis Update:

A representative of the company has contacted us to issue a statement. Here it is in its entirety:

A few days ago, a statement from the German Federal Department of Financial Supervision (BaFin) on the regulation of the activities of Platin Genesis DMCC on German territory became public. The general management of the Company considers it necessary to make the following declaration:

1. Platin Genesis DMCC does not and never intended to do banking or provide financial services to third parties, whether in the territory of Germany or in the territories of any other country.
2. From this perspective, Platin Genesis DMCC has never applied for a license required to engage in banking operations.
3. For this reason, Platin Genesis DMCC is not subject to the supervision of BaFin.
4. Platin Genesis DMCC is not and has never owned the blockchain fund mentioned in BaFin’s statement.
5. We would like to draw your attention to the fact that Platin Genesis DMCC has never announced through its official channels in social media the Platincoin cryptocurrency fund and the presence of certain licenses.
6. Platin Genesis DMCC cannot be held responsible for the actions of third parties who, pursuing their own interests, may provide inaccurate information about the activities of our company.
7. Platin Genesis DMCC is a company specializing in blockchain technology. We aim to develop new products using blockchain technology.
8. All other interpretations or statements relating to the position of BaFin on the activities of Platin Genesis DMCC are not true. We invite you to use the official pages of the Company for information and we are always open to comments.