The German BaFin announced today that it had initiated investigations against LiquiTrade Limited in the Caymen Islands. This offshore entity is behind the well-known LATOKEN crypto exchange, which it jointly operates with Payex OÜ, registered in Estonia. Until June 2022, Payex OÜ had a crypto license from the Estonian FIU. BaFin suspects LATOKEN is offering financial services in Germany without permission. LATOKEN accepts Security Token Offerings (STO).