German Federal Financial Supervisory Authority orders gold token issuer Karatbit to stop its business

According to Cointelegraph, the German Federal Financial Supervisory Authority (BaFin) has issued a cessation order to the Karatbit Foundation asking it to immediately stop its unauthorized operations in Germany. According to the November 11 announcement, BaFin said that the Karatbit Foundation is issuing the unlicensed gold token KaratGoldCoin (KBC). It is reported that Karatbit claims to be a provider of blockchain-based payment systems that enable users to trade with gold and use cryptocurrencies for gold trading. The company claims that more than 500,000 acceptance points and ten cryptocurrency exchanges worldwide support the trading of KBC gold and gold products.