Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The financial supervisory authority BaFin warns against trading platform Grow State Markets. According to its findings, financial, investment and crypto asset services are provided by Grow State Markets (which in the past operated the website growstatemarkets.com) without the required authorisation. The company is not supervised by the alleged FINAEU (European Financial Authority). There is no FINAEU supervisory authority and it does not supervise companies that operate in the financial sector.
FINAEU was already a subject of a warning issued by BaFin on 29 August 2024.
Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether companies have been authorised by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.