The BaFin issues a warning against Bit500 On Jan 06, 2026, the Federal Financial Supervisory Authority (BaFin) issued a warning against Bit500 for lacking the required authorization. https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Verbrauchermitteilung/unerlaubte/2025/neu/meldung_2025_12_12_bit500_en.html

BrokersView has reviewed that SmartsTradesGlobal.com is an unregulated broker According to its website, it is located in the UK. Upon investigation, no matching information was found in the Financial Conduct Authority (FCA). Additionally, the Federal Financial Supervisory Authority (BaFin) issued a warning against Bit500 for not having the required authorization. In fact, Bit500 is not regulated by any authority. Therefore, Bit500 is a scam.