German Financial Authority Orders Crypto Company To Stop Token Issuance

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BaFin is accusing the foundation of floating a KaratGoldCoin (KBC) cryptocurrency, without receiving proper regulatory approval from the supervisory authority. Karabit supposedly gives users the opportunity to easily handle trade transactions using gold, as well as also allowing the easy exchange of gold for digital currencies. BaFin’s order means that all of this must stop and the issuance must be “wound up.”

The company has also previously used images of former soccer players including Roberto Carlos, Lothar Mattäus and Patrick Kluivert for promo, supposedly without their permission.

Image Credits: Pixabay

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