The watchdog says that CoinBene has been recruiting freelance crypto traders who get paid on commission. BaFin states that since crypto assets are financial instruments, trading them requires authorization under Germany’s Banking Act, or Kreditwesengesetz (KWG).
BaFin states that CoinBene is not listed in Germany’s commercial register and has not obtained proper licensure for trading crypto assets as required by the KWG.
CoinBene has previously responded to inquiries regarding its presence in Germany, denying that it was hiring freelancers in an official Twitter post:
“We received numerous inquiries regarding our alleged hiring in Germany. But CoinBene is not planning to open any office nor hiring any representative in Germany. Nonetheless, we would like to thank those who actively reached out to us for your concern and understanding.”