BaFin investigates Up Krypto (! Experiences? Broker does not pay out

We now represent several clients who have invested large sums of money in the alleged trading platform Up Krypto ( Up Krypto presents itself on the website as a trustworthy trading broker offering profitable trading of cryptocurrencies, forex and CFD (contracts for difference).

Small “starting deposit” of € 250.00

Our customers first started trading with a small deposit of €250.00. With the help of the “advisors”, a personal trading account was opened for our clients on the cryptocurrency exchange, mostly via remote maintenance software such as Anydesk, which was installed on our clients’ computers or mobile phones.

In a short time, good profits were already visible on our clients’ trading accounts, so they were persuaded to make further deposits. Since our clients were able to track their investments and the claimed profits on the trading platform, everything initially looked credible and serious.

Bad experience with Up cryptoBroker does not pay out

But when our clients wanted to cash out their winnings, the rude awakening came: They were asked to pay a “capital gains tax,” an “anti-money laundering fee,” or some other fee as a condition of the payout. The demand for more and more payments is part of hoax. But none of our customers received a payout from Up Krypto, even though they made additional payments. Therefore, they turned to one Commercial fraud specialist lawyerto get their money back from Up Krypto.

BaFin warning: Crypto up owner no permission

Now, the Federal Financial Supervisory Authority (BaFin) clarified on November 2, 2022, in accordance with Section 37 Section 4 of the German Banking Act (KWG), that Up Krypto does not have a license under the KWG to carry out banking transactions or provide financial services. The company is not supervised by BaFin.

The content of the website operated by Up Krypto, as well as information and documents available to BaFin, justify the assumption that the company offers banking transactions or financial services in Germany without authorization. Providers of banking transactions or financial services in Germany require a license under the KWG. However, some companies, such as Up Krypto, trade without the necessary permission. This is a dead giveaway of trading scams or scams.

Before investing in a trading platform, it is therefore best to inquire directly with BaFin or on the BaFin company database via the trading platform, so that you do not become a victim of a fraudulent broker (see: BaFin company search).

Trading platform Up Krypto has only existed for a short time – the operator hides behind an anonymization service

Law firm plan C, which specializes in investment fraud and trading fraud, investigated the Up Krypto trading platform and found that the trading platform was only registered on May 28, 2022, i.e. it has only existed for a short time. The operator of the website hides behind the anonymization service “NameCheap”, so remains in the dark. This is always an indication of investment fraud or scam. Reputable operators don’t need to hide. Even if the print is missing or incomplete, alarm bells should ring.

Advance payments as an indication of commercial fraud

The fact that a payout is contingent on an additional payment, such as an alleged tax or “money laundering” fee, etc., is always a clear indication of investment fraud. No tax is payable abroad for foreign trading investments (read also: online broker does not pay out and collect tax).

Additional damage with AnyDesk or TeamViewer access

The request for remote access via AnyDesk or TeamViewer should also make you perk up. “Serious brokers do not require access to your computer,” warns lawyer Tanja Nauschütz from the renowned law firm Plan C, which specializes in commercial fraud. “AnyDesk or TeamViewer access poses a major security risk for investors. Victims of crypto trading fraud are threatened with further damage from identity theft,” warns lawyer Tanja Nauschütz.

(Also read: Beware! Victims of crypto trading scams face further harm due to identity theft.)

Experienced lawyer Tanja Nauschütz advises victims of crypto trading scams: “Act quickly and hire someone Investment fraud lawyerto secure your funds. Blockchain is not as anonymous as many people think. Most investors are not aware that cryptocurrencies can be tracked on the blockchain. With the right IT forensic measures, the perpetrators can often be identified. Victims of fraudulent brokers should seize this opportunity.”

With the right plan for success

If you have been a victim of Up Krypto or another fraudulent broker (current cases of commercial fraud plan C), the plan C law firm is at your side with sound and competent advice and enforcement of your claims.

We analyze your situation and clarify it in one go no-obligation free initial consultation about what steps are now necessary and promising so that you get back your invested trading money. In this connection, we also assess the risk of identity misuse for you and take the necessary measures on the cryptocurrency exchanges or trading platforms.

We report investment fraud to the Federal Financial Supervisory Authority (BaFin) and other authorities for you, investigate your compensation claims and the possibilities of recovering your funds and initiate criminal proceedings. In order to enforce your claims as effectively as possible, we work closely with the responsible authorities and prosecutors as well as IT specialists. Through our targeted forensic efforts and our experience, particularly with cryptocurrency fraud, we have often been able to track down the perpetrators.

For a free initial assessment of your online commerce fraud problem, contact us:

Contact form office plan C

Tanja Nauschütz, a lawyer specializing in banking and capital market law and investment fraud, has been very successful in representing aggrieved investors for 22 years.

Office floor C – You have the right to honest advice.

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