The Federal Financial Supervisory Authority (BaFin), the financial regulatory authority for Germany, ordered the Crypto.exchange company to halt these specific services immediately, saying the company is essentially operating a financial commission business without regulatory authorization.
Crypto.exchange, a Berlin-based company has been advertising a new service, in which it offers to sell clients’ Bitcoins across cryptocurrency exchanges, and transfer the coin’s value in Euros to client accounts, within 30 minutes of the transaction’s execution.
Crypto.exchange GmbH, released a statement on their website, claiming that the company had already been audited by BaFin. However, recent complaints made by clients regarding the execution of the services have brought about new scrutiny with regard to the Bitcoin to Euro exchange services.
Some clients are claiming that they did not receive payment in any form, after they had already transferred Bitcoins to the company. The company’s website is currently down, which further raises suspicion over the entire operation.