The Bafin boss finds some processes in the crypto business scandalous. “There were providers who were obviously amateurish and infantile,” he criticizes.
(Photo: dpa)
Frankfurt Hardly anyone in Berlin’s fintech scene can speak well of Mark Branson. Since the Brit took over the management of the financial supervisory authority Bafin in August 2021, the authority has significantly tightened its course towards start-ups from the financial sector.
At the smartphone bank N26 and the payment service provider Unzer, Bafin has restricted new customer business. The company Solaris, which offers banking services to other fintechs and companies, has to obtain permission from the authority every time before it can accept new customers.
As a result, many in the fintech industry believe that financial regulators are being disproportionately tough on young companies. “The fintech location Germany is being drastically damaged by the many measures taken by Bafin,” complains an investor who is heavily involved in the German fintech sector. “Financial oversight has completely lost a healthy level of oversight.”
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