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Attention! Stay away from Crypto Brokers!

BaFin warns against Crypto Brokers
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One day before X-Mas 2021, German regulator BaFin has announced an investigation against crypto trading platform Crypto Brokers (www.crypto-brokers.de), which operates without a license. The broker is operated by CBrokers Technology Limited, registered in the UK since October 2021. The Austrian Stefan Kern, born in May 1975, runs and controls this UK entity. Without authorization, Crypto Brokers offers crypto trading services to clients like Kraken or Coinbase.

We were not able to make any deposits in our review. The Crypto Brokers white-label platform did not work in this regard. Stefan Kern a/k/a Stefan Ker has the company founded with a share capital of €1 (Companies House). This absence of sufficient financial funds does correspond with the needs of a capital-intensive business such as crypto brokerage.

A Stefan Kern is also the founder and CEO of the Swiss Bitkern Group AG (www.birkern.com), which acts as a hosting services provider for crypto miners. We currently do not know if and how the two projects are related. In any case, the activities of Crypto Brokers are not authorized, and moreover, they also smell like a scam. Stay far away!

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