BaFin follows FinTelegram’s recommendations and issued a warning against the fraudulent Bitcoin Buyer marketing campaign (www.bitcoin-buyer.de). Such campaigns are used against the background of the ongoing crypto hype with and without Elon Musk to promote illegal broker activities and scams. Usually, victims who register with these fraudulent campaigns are redirected to the payment page of the respective scams and illegal brokers. Additionally, the victims’ data is stolen and misused.
The content of the websites as well as information and documents available to BaFin justify the assumption that the operator of the platform offers unauthorized banking transactions or financial services in Germany, the regulator states. The operator states on the website bitcoin-buyer.de that all partner brokers are regulated by Tier 1 regulators such as the UK Financial Conduct Authority (FCA) and the Australian Securities and Investment Commission (ASIC). BaFin has no indications that the platform actually cooperates with regulated brokers.