ESMA and BaFin Sharpen Scrutiny of Crypto Markets and Unlicensed Platforms
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ESMA Flags Crypto-Market Vulnerabilities in Second Risk Monitor of 2026
The European Securities and Markets Authority published its second risk monitoring report of 2026 (ESMA50-1949966494-4282) on 10 September, setting out the main risks and vulnerabilities across EU financial markets for the first half of the year. Alongside broader warnings about stretched technology valuations and heightened geopolitical tensions, the report names crypto-assets directly, pointing to "the growing linkage between increasingly vulnerable crypto-asset markets and the broader financial system" as a risk warranting close monitoring. It also flags recent DeFi exploits as having renewed concerns about interconnectedness and potential spillovers.
ESMA Chair Verena Ross said investor optimism continues to support elevated valuations despite rising geopolitical tensions and a weakening economic outlook, and warned that the wider the gap becomes, the greater the risk of an abrupt market correction. Separately, the report notes that tokenisation of equities remains at an early stage, with adoption momentum increasing, a development running in parallel with the European Commission's ongoing review of MiCA's scope, for which responses are due by 30 September.
BaFin Warns Against a Cluster of Unauthorised Crypto Platforms
Germany's Federal Financial Supervisory Authority (BaFin) published a run of consumer warnings against unauthorised financial and crypto-asset services this week. On 11 September, BaFin issued five notices in a single day, two of which named suspected unauthorised crypto-asset services directly: sogmbh(.)com and schelhammer-systems(.)com, both alleged to be offering financial and crypto-asset services without the required authorisation. In Germany, crypto-asset services require MiCA authorisation, supervised nationally under the Crypto Markets Supervision Act (KMAG).
The two 11 September notices continue a pattern stretching back to the start of the month. Of the twelve unauthorised-business notices BaFin published between 2 and 11 September, five named crypto-asset services explicitly: alongside sogmbh(.)com and schelhammer-systems(.)com, these included rheinbridge(.)capital, a Telegram channel and bot posing as "Sophia Hoffmann" together with the website sophiahoffmann(.)icu, and 37mh(.)com. BaFin frames four of the five as based on its suspicion that the operators are acting without the required authorisation; the 37mh(.)com notice goes further, stating that according to BaFin's findings the site offers crypto-asset services without authorisation, carries no valid legal notice, and falsely claims to be supervised by BaFin. None of these warnings amounts to a court finding.
What to watch:
- Whether the crypto-DeFi interconnectedness language in ESMA's risk report becomes a recurring theme as the Commission's MiCA review consultation approaches its 30 September deadline.
- Whether other national competent authorities show a similar clustering of unauthorised crypto-service warnings, which would point to an EU-wide pattern; so far the clustering is visible in Germany.
- For a current view of authorisations and white paper records across the EU, our White Paper Tracker (micacryptoalliance.com/white-paper-tracker) draws directly on ESMA's register.
Sources:
European Securities and Markets Authority, "Ongoing geopolitical and economic vulnerabilities masked by strong investor optimism," 10 September 2026 (https://www.esma.europa.eu/press-news/esma-news/ongoing-geopolitical-and-economic-vulnerabilities-masked-strong-investor) | BaFin warning notices of 11 September 2026 on sogmbh(.)com (https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Verbrauchermitteilung/unerlaubte/2026/meldung_2026_09_11_sogmbh.html) and schelhammer-systems(.)com (https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Verbrauchermitteilung/unerlaubte/2026/meldung_2026_09_11_schelhammer-systems.html); BaFin, "News & Warnungen," accessed 14 September 2026 (https://www.bafin.de/DE/verbraucherinnen-verbraucher/news-warnungen/news-warnungen_node.html)
