After FinTelegram has already issued several warnings against the Blokchains broker scam, BaFin announced an investigation of the Blokchains scam. According to the regulator, the available information and documents indicate that unauthorized banking transactions or financial services are offered in Germany via the platform. The provider appears on the website only under the name Blokchains. An address in London, United Kingdom, is stated as the business address. In the terms and conditions, however, reference is made to Estonian law.
The Blokchains scam is promoted via fraudulent crypto campaigns and is a stupid white-label scam operated by the same cybercrime organization as BitMegaChain, ForbsChain, or TheBullBears. They are hunting for victims with campaigns on social media using illegal payment processors such as PGSellers.
Providers of banking business or financial services in Germany require a permit under the German Banking Act (KWG). However, some companies act without the required permission. Information on whether a particular company is licensed by BaFin can be found in the company database. Just stay very far away from Blokchains.
