Digital asset trading platform YBUOJ has countered allegations by the Federal Financial Supervisory Authority of Germany (BaFin), which accused the platform of offering crypto asset services in Germany without the necessary authorisation.
YBUOJ issued a statement claiming it actively seeks licenses across global jurisdictions.
The company said it currently holds a US Money Services Business license issued by the Financial Crimes Enforcement Network and is also registered with the US Securities and Exchange Commission and clarified that it is headquartered in the US and does not maintain a legal entity in Germany.
As such, the company said it is regulated under US law and suggested the notice is the result of a “regulatory communication gap” rather than a breach of German financial law, adding that “discrepancies are common in the fragmented global crypto regulatory landscape”.
YBUOJ added that users can continue accessing the platform and trading as usual.
“YBUOJ will use this opportunity to enhance communication with regulators in Germany and other regions, maintaining its commitment to compliant, reliable global digital asset services,” the statement said.
