International Society of Primerus Law Firms

WINHELLER Advises LiteBit in BaFin Approval Proceedings For Crypto Custody Business

WINHELLER Attorneys at Law & Tax Advisors

Dutch crypto currency exchange plans market launch in Germany

Frankfurt/Main, March 2020 – WINHELLER is acting as a legal advisor to the German branch of the Dutch crypto currency exchange LiteBit in the BaFin licencing proceedings for both proprietary trading and the crypto custody business. LiteBit Deutschland GmbH thus sets the course for a legally watertight launch on the German market. Following the entry into force of the fifth EU anti-money laundering directive, crypto custody transactions as a new financial service are now subject to the German Banking Act. Companies that have not been operative in the crypto custody business in Germany by December 31, 2019 require a BaFin licence as of January 1, 2020.

LiteBit is one of the leading cryptocurrency brokers in Europe, based in Rotterdam, the Netherlands. More than 650,000 people in Europe are already using LiteBit for buying, selling and managing cryptocurrencies, such as Bitcoin and Ethereum. The company strives to make crypto available to everyone. Applying for a German licence takes LiteBit one step closer to this goal and will make it a new competitor on the German crypto landscape. “In WINHELLER we found a valuable legal partner to support us in applying for a licence in Germany with BaFin. This was a complex process and we have experienced first-hand how WINHELLER offers the required in-depth expertise on the German legislative landscape and a keen curiosity and intelligence to understand the new technologies and possibilities that cryptocurrencies are offering”, said Arthur van Lier, COO of LiteBit.

“With our specialist knowledge of BaFin approval procedures, we can guarantee our clients a professional and, above all, fast turnaround,” says Dr. Annette Wagemann, certified specialist for banking and capital markets law at WINHELLER. The law firm is a leader in the field of cryptographic currencies and, in addition to advising on banking regulatory issues, specializes in providing consulting services on tax-optimized Initial Coin Offerings (ICO) as well as advising FinTechs and other companies on private equity and M&A transactions.

The lead attorney at WINHELLER was Dr. Annette Wagemann (banking and capital markets law). Phillipe Dagobert Winterstein (banking and capital markets law), Olga Stepanova (data protection) and Phillipp von Raven (Corporate/M&A) were also involved in the project.


Attorneys at Law & Tax Advisors: WINHELLER Rechtsanwaltsgesellschaft mbH advises non-profit organizations and trade associations, financial services providers, international companies, and high-net-worth individuals on all issues of corporate law or tax law. The law firm is one of the leading players in tax law, non-profit law, and banking and capital markets law. WINHELLER has its headquarters at Tower 185 in Frankfurt’s European Quarter. For further details, please refer to the current editions of the two leading guides to German law firms “JUVE German Commercial Law Firms” and “Legal 500 Germany”.

WINHELLER is a member of the International Society of Primerus Law Firms, a worldwide network of more than 200 boutique law and tax firms.


Uta Nübl

+49 69 76 75 77 80

The general information contained herein is intended for informational purposes only. It is not intended to be, and should not be construed as, legal advice or legal opinion on any specific facts or circumstances.

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