German Regulator Orders ‘KaratGold Coin’ Issuer to Cease Operations
The hammer is coming down again on the Karatbars ecosystem as German and South African regulators have taken separate actions over sales of a purportedly gold-backed cryptocurrency.
Germany’s Financial Supervisory Authority (BaFin) disclosed Monday that it had issued a cease-and-desist order against Karatbit Foundation on Oct. 21 for issuing its KaratGold Coin without necessary licensing in the country.