In a <a href="https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Verbrauchermitteilung/unerlaubte/2022/meldung_221209_rtcoin_en.html;jsessionid=9F047882BEDD40CA1598464DC63B24FE.1_cid500">statement</a> released on Friday, Germany's financial watchdog BaFin cautioned that <a href="https://www.cryptoknowmics.com/news/paypal-extends-cryptocurrency-service-to-luxembourg">cryptocurrency</a> trading site Rtcoin is not permitted to operate there and therefore, it was not authorized by KWG to provide financial services in Germany.
<h2>Rtcoin Not Authorized by KWG</h2>
The German "Kreditwesengesetz," or "Bank Act," governs how institutions that offer financing facilities must conduct their business. The scope of these restrictions also applies to German <a href="https://www.cryptoknowmics.com/news/crypto-exchange-coinbase-urges-users-to-change-usdt-to-usdc">cryptocurrency exchange</a> sites.

The firm is not under BaFin's supervision, according to today's notification, which also stated that there are good reasons to believe that Rtcoin is operating as a bank and offering banking services in Germany without the necessary authorization based on information found on the company's website, rtcoin.org.
<h2>German - One of the Top 8 Service Languages in Crypto</h2>
German is listed as one of the eight service languages on the website of the crypto trading platform. According to the company's website, the exchange describes itself as the world's leading <a href="https://www.cryptoknowmics.com/news/israeli-ministry-of-finance-offers-new-regulations-for-digital-assets">digital asset</a> trading system. It is headquartered in the UK and claims to be registered in the Cayman Islands.

However, the exchange does not show up on the Financial Conduct Authority's list of incorporated businesses or organizations with provisional registration in the UK. The cryptocurrency exchange does not even appear on the FCA's list of unregistered cryptocurrency businesses. It includes businesses operating in the UK of which the <a href="https://www.cryptoknowmics.com/news/fcas-crypto-aml-compliance-chief-mark-steward-to-step-down-in-2023">FCA</a> is aware but which have not applied for registration with the regulatory body.

Crypto Exchange Rtcoin Not Licensed in Germany: BaFin

Financial watchdog BaFin cautioned that Rtcoin is not permitted to operate in Germany as it did not have authorization from KWG.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Crypto Exchange Rtcoin Not Licensed in Germany: BaFin

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