BaFin warns: Beware of crypto fraud on handelswiss1.com!

BaFin warns: Beware of crypto fraud on handelswiss1.com!

The BaFin has once again warned about the online platform handelswiss1.com and its associated providers, Handel Swiss Cyprus Ltd and Handel Swiss UK Limited. This platform offers illicit financial and crypto services without having the necessary approvals from BaFin. In addition, handelswiss1.com falsely states that it is registered with CySEC and the British FCA, although the registration numbers used actually belong to Swissquote, a company that has no connection to the platform in question.

Investors who have deposited funds via handelswiss1.com and are now no longer receiving withdrawals may have become victims of a crypto fraud. BaFin describes typical patterns of such fraud, which often begin with false promises such as “guaranteed profits” or “safe investments”. When investors are then asked for additional payments to cash out their winnings, this often ends in total radio silence.

Warning against identity abuse

Another risk is posed by call and email campaigns in which consumers are contacted under the pretext that the offer comes from Boerse Stuttgart Digital Broker GmbH. These practices are based on a brazen misuse of identity, as stated in another communication from the BaFin emerges. Here too, supervision by BaFin is falsely advertised, which is not true.

BaFin, the Federal Criminal Police Office and the state criminal investigation offices recommend that consumers be particularly careful when investing money on the Internet. Reliable research is essential in order to detect attempted fraud in a timely manner.

Crypto asset scams

Particular caution is also required when it comes to the currently popular scams involving cryptocurrencies. Fake interviews with celebrities are often distributed via alleged trading software aimed at getting rich quickly. One example is the claim that Tim Mälzer raved about special software that guarantees profits within a very short time. Loud Consumer advice center NRW However, it is clear that such stories are made up and only serve as a lure to steal money.

The consumer advice center often receives reports from victims who have lost their invested money. She strongly recommends using common sense and carefully checking online providers to see whether they are listed in BaFin's database. Another sensible step can be to repay payments made via credit cards using a chargeback procedure.

Although cryptocurrencies are generally associated with high risks and are subject to strong price fluctuations, there are also legitimate providers monitored by BaFin. Investors should therefore only choose such platforms in order to minimize their risk.

The BaFin warning should be taken seriously. Those affected who have already fallen prey to fraudsters are advised to secure evidence, take legal action and, if necessary, seek legal assistance in order to seize opportunities to recover their funds.