CRYPTO NEWS: BAFIN WARNS USERS THAT RTCOIN IS NOT AUTHORISED IN GERMANY.

BAFIN WARNS USERS THAT RTCOIN IS NOT AUTHORISED IN GERMANY
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BAFIN WARNS USERS THAT RTCOIN IS NOT AUTHORISED IN GERMANY. RTCOIN, WHICH IS BASED ON CAYMAN ISLAND, LACKS A KWG LICENCE TO CONDUCT BUSINESS IN GERMANY.

THE INFORMATION ON THE BUSINESS’ WEBSITE IS SUFFICIENT TO RAISE QUESTIONS ABOUT WHETHER IT IS ENGAGING IN UNAUTHORISED BANKING AND FINANCIAL ACTIVITY. USERS HAVE BEEN ADVISED BY THE GOVERNMENT TO PERFORM BACKGROUND CHECKS BEFORE TO INVESTING.

BAFIN WARNS USERS THAT RTCOIN IS NOT AUTHORISED IN GERMANY:

BAFIN WARNS USERS THAT RTCOIN IS NOT AUTHORISED IN GERMANY
BAFIN WARNS USERS THAT RTCOIN IS NOT AUTHORISED IN GERMANY

REGULATING AGENCIES IN JURISDICTIONS THROUGHOUT THE WORLD ARE CLOSELY EXAMINING ALL THE EXCHANGES THEY OPERATE WITH TO PREVENT A REPEAT OF THE FTX SAGA. TOKEN ISSUANCE HAS BEEN FORBIDDEN BY SOUTH KOREA’S EXCHANGES. AND PROVIDE THE AUTHORITIES ACCESS TO THE COMPLETE TRANSITIONS REPORT. RTCOIN WAS INFORMED ON FRIDAY BY GERMANY’S FINANCIAL WATCHDOG, BAFIN, THAT IT IS NOT PERMITTED TO CONDUCT BUSINESS THERE.

RTCOIN IS NOT UNDER BAFIN’S CONTROL:

USERS LOOKING TO INVEST MONEY ONLINE HAVE BEEN ADVISED AGAINST DOING SO BY THE GREMAN FEDERAL CRIMINAL POLICE OFFICE (BKA- BUNDESKRIMINALAMT) AND THE GERMAN STATE CRIMINAL POLICE OFFICES (LANDESKRIMINALAMTER). TO DETECT DECEPTION ATTEMPTS AT AN EARLY STAGE, THEY SHOULD EXERCISE CAUTION AND UNDERTAKE THE NECESSARY INVESTIGATION BEFOREHAND.

ACCORDING TO BAFIN, THE EXCHANGE IS NOT AUTHORISED TO PROVIDE FINANCIAL SERVICES IN THE NATION UNDER THE “KREDITWESSENGESETZ,” OR KWG. KWG-THE GERMAN BANK ACT, WHICH ESTABLISHES CRITERIA FOR THE ACTIVITIES OF ORGANISATIONS OFFERING BANKING AND FINANCIAL SERVICES. PLATFORMS FOR CRYPTOCURRENCY EXCHANGES IN GERMANY ARE ALSO INCLUDED IN ITS SERVICE AREA.

“BAFIN DOES NOT OVERSEE THE COMPANY. THERE ARE SOLID REASONS TO BELIEVE THAT RTCOIN IS OPERATING AS A BANK AND OFFERING FINANCIAL SERVICES IN GERMANY WITHOUT THE NECESSARY LICENCES BASED ON THE INFORMATION SUPPLIED ON THE COMPANY’S WEBSITE, RTCOIN.ORG.

RTCOIN: WHAT IS IT?

RTCOIN IS BASED IN THE CAYMAN ISLANDS AND DESCRIBES ITSELF AS THE “WORLD’S TOP DIGITAL ASSET TRADING PLATFORM.”

DESPITE CLAIMING TO OPERATE IN FOUR COUNTRIES, INCLUDING THE UK, THE COMPANY DOES NOT APPEAR TO BE ON THE FINANCIAL CONDUCT AUTHORITY (FCA) UK’S LIST, EITHER PERMANENTLY OR TEMPORARILY. GERMAN WAS LISTED AS ONE OF THE COMPANY’S 8 AUTHORIZED SERVICE LANGUAGES.

IT IS INCLUDED IN THE LIST OF UNAUTHORISED BUSINESSES DOING BUSINESS IN THE UK BUT IS NOT CONNECTED TO ANY REGULATORY BODY.

WHAT IF GERMANY OUTLAWS RTCOIN?

IF A CRYPTOCURRENCY EXCHANGE COLLAPSES, ALL USER INVESTMENTS ARE FROZEN IN PLACE UNTIL FURTHER NOTICE. CEMENTED FUNDS CANNOT BE WITHDRAWN OR EXCHANGED. THE FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC), WHICH GUARANTEES THAT AT LEAST THE BASE AMOUNT WILL BE GIVEN, IF NOT THE INTEREST, INSURES INVESTORS IN THE EVENT THAT A BANK FAILS.

ADDITIONALLY, IF A GOVERNMENT BANS AN EXCHANGE DUE TO FAULTY LICENCING OR DELISTING. USERS WON’T BE ALLOWED TO SELL THEIR HOLDINGS, AND UNTIL THE PROHIBITION IS LIFTED, THE BITCOIN WILL BE HELD ON HODL.

INVESTORS ARE URGED TO CONDUCT A THOROUGH BACKGROUND INVESTIGATION ON A COMPANY’S OWNERS, PROJECTS, PROTOCOLS, AND LICENCES, AMONG OTHER THINGS. DESPITE OFFERING SIGNIFICANT PROFITS, IT ALSO CARRIES A HIGHER RISK.

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CRYPTO NEWS: BAFIN WARNS USERS THAT RTCOIN IS NOT AUTHORISED IN GERMANY.

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