Trading is temporarily suspended.
Dear community members,
We would like to inform you that we have suspended trading on the DES-COIN platform. Price and account balances remain unchanged.
This is due to an ongoing review process by the German Federal Financial Supervisory Authority (BaFin), who are classifying us as a banking institution.
Permission from the BaFin is required to operate as a bank in Germany. We have therefore been advised by the BaFin to suspend business activities until the end of the audit as a precautionary measure.
Together with our legal team, we are working closely and constructively in collaboration with the BaFin in order to have the audit completed as quickly as possible and obtain cryptocurrency status as recognised by the BaFin.
Due to the status of BaFin as a public body, these instructions must be followed. The audit constitutes a preventive measure in terms of investor protection.
We have been informed by our legal team that the BaFin procedure is a standard assessment procedure.
We therefore ask for your understanding and will keep you updated with regard to this matter.