German financial regulator BaFin has launched an investigation targeting Blackfort Tech based in Estonia.
In a consumer warning, BaFin said that the company offers banking business or provides financial and/or investment services on its website Blackfort.exchange, without the required authorization.
Blackfort.exchange lists both an address in Estonia as well as a location in the British Virgin Islands. There does not appear to be an authorization in Estonia. The website indicates it has both an Apple App as well as an App on Google Play. The app on the App Store shows 5 stars for the wallet to trade crypto.
BaFin states that banking business or investment services may only be offered in Germany if the company has the necessary authorization from BaFin to do this. At the same time, BaFin acknowledges that some companies offer these services without the required authorization.