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German Federal Financial Supervisory Authority (BaFin) warned citizens about the dangers of investing in the RTCoin project based in the Cayman Islands.
The regulator draws the attention of potentialRTCoin clients that the cryptocurrency company does not have permission to conduct banking activities or provide financial services in the country.
RTCoin bills itself as the "world's leading digital asset trading platform" and claims to have operations centers in the UK, South Korea, Italy and Hong Kong.
BaFin reminded that all companies thatprovide financial services in Germany must obtain permission. Information on whether a company has received a license from the country's financial regulator can be found in the BaFin database.
The regulator said that RTCoin is not controlled by BaFin, and the information provided on the company's website is misleading to potential customers.
BaFin previously sent a warning to the Germandivision of the Coinbase exchange. After an audit of the site’s financial statements, the regulator concluded that Coinbase Germany violated the standards established by the German Banking Law.
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