Tagged: bafin

German Digital Bank N26 Scrutinized for Lax AML Compliance, BaFin Appoints Special Monitor

N26, a leading digital bank based in Germany, has garnered additional scrutiny by federal regulators for apparent shortcomings went it comes to anti-money laundering (AML) compliance. Earlier this week it was announced that N26 has been assigned a “special monitor” by the German financial services… Read More

Karsten Wenzlaff of the German Crowdfunding Association Provides Insight into Harmonization of Pan-European Crowdfunding Rules

Last year, the European Union approved pan-European crowdfunding rules that will apply to all member states thus finally offering a harmonized approach to online capital formation. Crowdfunding advocates and European platforms had long recognized the unnecessary friction intrinsic to raising capital based on national regulations… Read More

Collateral Damage: Wirecard Fallout Continues in Germany as Finance Minister Takes Heat, Former Wirecard COO Still Missing, Sale of Core Assets Completed

German Finance Minister Olaf Scholz is taking some heat from various politicians as fingers look for somewhere to point blame. Social Democrat Scholz, along with his deputy Joerg Kukies continue to deny responsibility for the collapse of Wirecard AG (WDI.F), a Fintech that was once… Read More

The Time of COVID: The Biggest Fintech Stories of 2020

2020 was a challenging year for the entire world. The ongoing health crisis surprised everyone as the world dove into a pandemic, pummeling the global economy and impacting everyone. In many respects, Fintech emerged as a beneficiary of COVID-19. Digital transformation of financial services were… Read More

Digital Onboarding Is Being Widely Adopted in Germany after BaFin Introduced Directive to Regulate the Process in 2014

Digital challengers such as neobanks and various other Fintech service providers are beginning to transform many traditional business activities through the digitalization of many different services that previously required laborious manual processes (like accounting). Customer or user experience (UX) has become a key differentiator when… Read More

Neufund CEO Zoe Adamovicz Explains Reason for Pivot: Security Tokens No More?

This past June, Neufund, one of the first European platforms to issue security tokens, announced its intent to move away from digital securities. The Berlin, Germany based Fintech issued the following surprising statement: “We’ve been active participants of the discussions held at the Bundestag, engaged… Read More

Bitbond CEO: We Have Been Approached by 60 Different Companies Interested in Our STO Technology

Bitbond is a Germany-based Fintech that started life as a global online lender serving small business borrowers. Some years ago, Bitbond received a regulatory license by the German financial services regulator, BaFin. Crowdfund Insider reported that it took several years to complete the process but… Read More

Germany: Wirecard Scandal Compels Regulatory Adjustment

Wirecard (WDI:DE), once a Fintech darling that fell through the regulatory cracks and now is one of the biggest financial debacles ever in Germany, is compelling public officials to revamp their approach to compliance and oversight. According to a report in Suddeutsche Zeitung, German Finance… Read More

German Financial Reporting Enforcement Panel Defends Actions in Wirecard Collapse

The German Financial Reporting Enforcement Panel or Deutsche Prüfstelle für Rechnungslegung (DPR) has issued a statement defending its actions in the ongoing Wirecard (WPI:DE) scandal. It was recently reported that the German government had terminated its contract with the DRP, private entity contracted by the… Read More

Collateral Damage: German Government Terminates Relationship with the Financial Reporting Enforcement Panel

The German government has terminated a relationship with the Financial Reporting Enforcement Panel or “Deutsche Prüfstelle für Rechnungslegung” (DPR) in the wake of the fallout of the Wirecard (WDI:DE) scandal, according to a report in the Suddeutsche Zeitung. The DPR is an entity that has… Read More

House of Cards: Wirecard Management Says Ability to Continue as a Going Concern is Not Assured

Yesterday, it was reported that Wirecard AG (WDI:DE) had initiated bankruptcy proceedings as the company attempted to stave off a complete financial collapse created by a misplaced amount of funds totaling around €1.9 billion. Allegations of profound actions of fraud immediately followed as the former… Read More

Wirecard Bankrupt – Once High Flying Fintech Files for Insolvency Over Missing €1.9 Billion

Wirecard (WDI.DE) has filed for insolvency following a report €1.9 Billion had gone missing. Shares in Wirecard collapsed on the news trading at around €2.50 a share. It was only last week that shares in Wirecard traded at over €100 a share. Wirecard joined the… Read More

Former Wirecard CEO Markus Braun Arrested as Scandal Regarding Missing €1.9 Billion Raises More Questions

Markus Braun, former CEO of Wirecard (WDI:DE) has been arrested by Munich authorities according to multiple reports. Braun apparently turned himself into local police as the Fintech attempts to unravel what exactly happened to the missing €1.9 billion. Last week, Wirecard halted a scheduled financial… Read More

Germany Securities Regulator BaFin Calls Wirecard a Disaster – Report

Earlier today, it was reported that Wirecard’s (WDI.DE) missing €1.9 billion may have never existed at all. Last week, the payments Fintech revealed in a statement that during an audit questions emerged regarding the funds with the auditor intimating it was under the belief there… Read More

ETC Group Introduces Very First “Centrally Cleared” Bitcoin Exchange-Traded Product on Deutsche Börse’s Xetra

  The ETC Group, a company established by experienced financial services professionals, announced on June 9, 2020 that they will be listing the world’s first “centrally cleared” Bitcoin ETC, BTCetc Bitcoin Exchange Traded Crypto – (BTCE) on Deutsche Börse’s XETRA platform. As noted in a… Read More

Germany-based Black Manta Capital Partners Teams Up with Finoa to Offer Custody Solutions for Security Tokens to Institutional Clients

Germany-based Black Manta Capital Partners, a security token offering (STO) platform, has teamed up with Finoa, a digital asset custody firm, in order to offer custody solutions for security tokens to institutional clients. Both companies aim to work together to create a compliant security token… Read More

STOs: Black Manta Capital Introduces $12 Million Real Estate Security Token Offering for Regular Investors

Germany-based Black Manta Capital Partners has introduced a $12 million security token offering (STO) for the Berlin real estate market. The initiative is reportedly a collaboration with Tigris Immobilien, a German real estate company. Approximately 2000 sq meters of real estate property, which mainly consists… Read More

BaFin, Germany’s Financial Regulator, Suspends Operations of Crypto Firm, which Allowed Users to Buy and Sell Digital Currencies via ATMs

The Federal Financial Supervisory Authority of Germany (BaFin), the nation’s financial regulator, is suspending the operations of a firm known as KKT UG from Berlin, which allowed users to purchase and sell digital currencies via ATMs. As BaFin noted on March 4, 2020, Adam Gramowski,… Read More

BaFin, Germany’s Financial Supervisory Authority, Clarifies How New Digital Assets Law Applies to Firms Operating Outside of the Country

BaFin, Germany’s financial supervisory authority, recently clarified how the leading European nation’s new crypto-asset custody law would apply to companies that are operating outside of the country, yet still serve local markets. BaFin’s latest guidance, published last month, notes that firms which are currently custodying… Read More

Bitbond Leverages Digital Asset Experience to Expand into Real Estate in Partnership with KlickOwn

Bitbond, a Berlin-based online lender and trailblazer in the digital asset sector, is leveraging its experience in issuing blockchain-based bonds to move into real estate. According to a note from Bitbond, the investment platform has formed a partnership with KlickOwn, a property investment platform. Bitbond… Read More

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