BaFin Prohibits Unauthorised Share Offering and Warns Against Illegal Financial, Loan and Crypto Platforms

The Federal Financial Supervisory Authority (BaFin) warns consumers and investors about unauthorised securities offerings and financial services currently targeting the German market. Several websites and operators have been identified offering shares, banking, investment, loan, and cryptoasset services without the required authorisation. In some cases, operators are using false regulatory claims and identity fraud to appear legitimate.

On 27 January 2026, BaFin prohibited BLOOH Solution Ltd. from offering securities in the form of shares to the public in Germany. BaFin has sufficient grounds to suspect that the company publicly offered shares without publishing a securities prospectus approved under the German Securities Prospectus Act (WpPG). Under Article 3(1) of the EU Prospectus Regulation, securities may only be offered to the public if a prospectus has been approved and published, unless a specific exemption applies. The prohibition is immediately enforceable, although not yet legally final.

In addition, BaFin has identified multiple online platforms suspected of providing financial, investment, cryptoasset, or loan services without authorisation. Some operators falsely claim to be supervised by BaFin or by a so-called “European Financial Supervisory Authority (FINA EU),” which does not exist. In certain cases, fake certificates, fabricated regulatory references, and identity misuse of legitimate German companies have been used to mislead consumers. BaFin confirms that none of the operators mentioned are authorised to provide financial services in Germany. Engaging with these platforms can result in significant financial loss.

These schemes are promoted through websites advertising share investments, crypto trading, financial services, and high-fee loan offers. In some cases, consumers are asked to pay upfront fees for loans that are never disbursed. In other cases, operators claim regulatory approval or association with legitimate companies to gain trust. BaFin reiterates that offering securities to the public requires an approved prospectus and that conducting banking, financial, securities, or cryptoasset services in Germany requires explicit authorisation. Consumers should exercise extreme caution when dealing with unverified platforms.

Known unauthorised platforms and operators include: