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Federal Financial Supervisory Authority

Year 2002Regulated by Government

Prior to 2002, in Germany the regulation of the financial industry was undertaken by three separate agencies. In May 2002 BaFin was formed, following the passing of the Financial Services and Integration Act. The aim of the Act and the merging of the three agencies was to create one integrated financial regulator that would be able to cover all financial markets. The agencies that merged together were the Federal Banking Supervisory Office, the Federal Supervisory Office for Securities Trading, and the Federal Insurance Supervisory Office.BaFin was given further responsibility following the passing of the Banking Act in 2003 with the aim of increasing customer protection and improving the reputation of the German financial system. The extra powers included monitoring the credit-worthiness of financial institutions and collecting detailed information about them. This particular area of responsibility was shared with the Bundesbank. Currently, BaFin is experiencing a kind of transition, as the responsibility for banking supervision is being taken over by the European Central Bank.

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Disclosure summary
  • Disclosure matching Website matching
  • Disclosure time 2022-03-30
  • Reason for punishment NSFX Limited has no connections whatsoever to the website This is therefore a case of identity theft committed against NSFX Limited.
Disclosure details

Trading platform BaFin investigates Trade Safe CryptoFX

30.03.2022 | Topic Unauthorised business Trading platform BaFin investigates Trade Safe CryptoFX In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that Trade Safe CryptoFX has not been granted authorisation under the KWG or the German Investment Institutions Act (Wertpapierinstitutsgesetz – WpIG) to conduct banking business or provide financial services. The company is not supervised by BaFin. Based on the contents of the website and on information and documents available to BaFin, there are grounds to suspect that the platform is being used to conduct banking business and/or to provide financial services in Germany without the required authorisation. In several places on its website, the company claims to be regulated by BaFin. This claim is not true. The links contained on the company’s website,, unlawfully lead to a page in BaFin’s database of companies showing the authorisation of NSFX Limited, an institution authorised in Malta, as a cross-border service provider under section 74 of the WpIG. NSFX Limited operates the website Key parts of this website, such as the link to BaFin’s website, have been copied by those responsible for the platform NSFX Limited has no connections whatsoever to the website This is therefore a case of identity theft committed against NSFX Limited. On, the operator of the website primarily refers to itself using the name Trade Safe CryptoFX. In a few locations, however, it also uses the names P24O Limited and Prime24 Option. The business addresses stated on the website – some of which do not even exist – are located in the United States. In one section of the website, it is claimed that the operator is a Maltese company. Companies that conduct banking business or provide financial services in Germany require authorisation under the KWG. However, some companies operate without the necessary authorisation. Information on whether a particular company has been authorised by BaFin can be found in BaFin’s database of companies BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that anyone seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to avoid becoming the victim of fraud.
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