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{"actor":"system:backfill","investigation_id":"b251edb4-ed78-4105-bbbd-dcaab83d5ca8","kind":"publish","page_slug":"karatbars","published_at":"2026-05-31T19:42:54.969Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Karatbars International","sections":[{"content":"Karatbars International GmbH was incorporated in Stuttgart, Germany in 2011 by Harald Seiz. The company's initial business model involved selling small denominations of gold — typically one-gram gold bars embedded in gift cards — through a multi-level marketing (MLM) affiliate network that spanned over 140 countries and reportedly grew to over 800,000 affiliates. Members earned commissions both from direct gold sales and from recruiting new affiliates. Canadian and Namibian regulators subsequently identified this recruitment-based compensation structure as the hallmark of a pyramid scheme, in which income is principally derived from joining fees paid by newly recruited members rather than from the sale of goods or services to end consumers.","heading":"Company Background and MLM Structure","severity":"high","sources":[{"credibility":2,"name":"CoinDesk — Gold-Backed Crypto Token's Promoter Investigated by Florida Regulators","type":"news_article","url":"https://www.coindesk.com/markets/2019/10/04/gold-backed-crypto-tokens-promoter-investigated-by-florida-regulators"},{"credibility":1,"name":"Bank of Namibia — Karatbars International Declared a Pyramid Scheme (New Era Live)","type":"regulatory","url":"https://neweralive.na/posts/karatbars-the-latest-pyramid-scheme-identified-by-bank-of-namibia"}]},{"content":"In April 2018, Karatbars launched the KaratGold Coin (KBC), an ERC-20 token running on the Ethereum blockchain, through an ICO that the company claimed raised approximately $100 million. The coin was marketed as being backed by physical gold allegedly mined from a Fort Dauphin mine in Madagascar. CoinDesk was unable to verify the existence of that mine; officials from the Madagascar Chamber of Mines stated directly: 'There is no Fort Dauphin gold mine in Madagascar and Karatbars does not hold a mining permit in Madagascar.' The company never published third-party audits of the gold reserves purportedly backing KBC. A second token, KaratBank Coin (KCB), was announced but had not launched at the time BaFin acted against the issuer. Germany's BaFin later ordered the Karatbit Foundation — the Belize-registered entity that issued KBC — to return funds to investors equivalent to the $100 million raised in the ICO.","heading":"KaratGold Coin (KBC) ICO and Gold-Backing Claims","severity":"critical","sources":[{"credibility":2,"name":"CoinDesk — Gold-Backed Crypto Token's Promoter Investigated by Florida Regulators","type":"news_article","url":"https://www.coindesk.com/markets/2019/10/04/gold-backed-crypto-tokens-promoter-investigated-by-florida-regulators"},{"credibility":2,"name":"CoinDesk — German Regulator Orders KaratGold Coin Issuer to Cease Operations","type":"news_article","url":"https://www.coindesk.com/markets/2019/11/15/german-regulator-orders-karatgold-coin-issuer-to-cease-operations"},{"credibility":2,"name":"Bitcoin Insider — The $100m Karatbars ICO Raises Questions Which Can't Be Answered","type":"news_article","url":"https://www.bitcoininsider.org/article/75994/100m-karatbars-ico-raises-questions-which-cant-be-answered"}]},{"content":"On May 7, 2019, the Bank of Namibia issued a formal media release declaring Karatbars International a pyramid scheme after concluding an investigation into the company's operations in Namibia. The bank found that Karatbars contravened Section 55A of the Banking Institutions Act because member income was earned primarily through the successful recruitment of new participants, that the scheme was not sustainable without continuous recruitment, and that the gold-embedded cards served as a pretext to legitimize the underlying recruitment model. The Bank of Namibia advised all promoters and participants to cease operating and recruiting under the Karatbars structure.","heading":"Bank of Namibia — Pyramid Scheme Declaration (May 2019)","severity":"critical","sources":[{"credibility":1,"name":"Bank of Namibia — Karatbars International Declared a Pyramid Scheme (official release via New Era Live)","type":"regulatory","url":"https://neweralive.na/posts/karatbars-the-latest-pyramid-scheme-identified-by-bank-of-namibia"},{"credibility":2,"name":"allAfrica — Karatbars International Is a Scam Says Central Bank","type":"news_article","url":"https://allafrica.com/stories/201905060688.html"},{"credibility":2,"name":"The Namibian — BoN Declares Karatbars a Pyramid Scheme","type":"news_article","url":"https://www.namibian.com.na/bon-declares-karatbars-a-pyramid-scheme/"}]},{"content":"Germany's Federal Financial Supervisory Authority (BaFin) issued a cease-and-desist order against the Karatbit Foundation on October 21, 2019, made public on November 11, 2019. BaFin determined that Karatbit had issued the KaratGold Coin without the licensing required under German law to operate an electronic money business, and ordered the foundation to wind up that business in Germany. BaFin simultaneously ordered the Karatbit Foundation to return investor funds equivalent to the approximately $100 million raised in the 2018 ICO. Harald Seiz disputed the order, claiming that German investors had been excluded from the ICO and therefore BaFin lacked jurisdiction, and asserting that KBC qualified as a utility token not requiring prospectus documentation. South Africa's FSCA issued a concurrent consumer warning on the same date.","heading":"BaFin (Germany) — Cease-and-Desist Order Against Karatbit Foundation (October 2019)","severity":"critical","sources":[{"credibility":2,"name":"CoinDesk — German Regulator Orders KaratGold Coin Issuer to Cease Operations","type":"regulatory","url":"https://www.coindesk.com/markets/2019/11/15/german-regulator-orders-karatgold-coin-issuer-to-cease-operations"},{"credibility":2,"name":"Chain Bulletin — Gold-Backed Karatbars Ecosystem Under Regulatory Pressure","type":"news_article","url":"https://chainbulletin.com/gold-backed-karatbars-ecosystem-under-regulatory-pressure"}]},{"content":"South Africa's Financial Sector Conduct Authority (FSCA) issued a public warning on November 12, 2019, stating that Karatbars International GmbH was not authorised under the Financial Advisory and Intermediary Services Act 2002 to render financial advice or intermediary services in South Africa. The FSCA noted the company had been soliciting investments from South African consumers via WhatsApp. In a follow-up release dated December 13, 2019, the FSCA updated its position to note that neither product marketed by Karatbars in South Africa — physical gold bullion and a to-be-launched digital asset — technically constituted a regulated financial product under the FSCA's scope, and that the earlier warning pertained specifically to solicitation of unlicensed financial services.","heading":"South Africa FSCA Warning (November 2019)","severity":"high","sources":[{"credibility":1,"name":"FSCA Press Release — Warning Against Karatbars International GmbH (November 11, 2019)","type":"regulatory","url":"https://www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20warning%20against%20Karatbars%20International%20GmbH%2011%20November%202019.pdf"},{"credibility":1,"name":"FSCA Press Release — Update on Public Warning Regarding Karatbars International GmbH (December 13, 2019)","type":"regulatory","url":"https://www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20-%20Update%20on%20public%20warning%20regarding%20Karatbars%20International%20GmbH%20-%2013%20December%202019.pdf"},{"credibility":2,"name":"FA News — FSCA Warns the Public Against Karatbars International GmbH","type":"news_article","url":"https://www.fanews.co.za/article/compliance-regulatory/2/financial-sector-conduct-authority-fsca-was-fsb/1059/fsca-warns-the-public-against-karatbars-international-gmbh/27870"},{"credibility":2,"name":"Business Day South Africa — Consumers Warned to Stay Away from Karatbars","type":"news_article","url":"https://www.businessday.co.za/money/2019-11-14-consumers-warned-to-stay-away-from-karatbars/"}]},{"content":"Canadian regulators were among the earliest to act against Karatbars. Quebec's Autorité des marchés financiers (AMF) issued a securities fraud warning in March 2014. In November 2016, a Quebec court issued an order prohibiting the operation and promotion of Karatbars in Canada following AMF enforcement proceedings. Alberta's securities regulator issued a separate warning. The Ontario Securities Commission (OSC) subsequently added Karatbars International GmbH and Karatbit Exchange to its investor-warning list, noting that neither entity was registered or recognised in Ontario to engage in the business of trading in securities. British Columbia's securities regulator (BCSC) also added Karatbars to its investment caution list, stating the company was not registered in BC to trade in or advise on securities or exchange contracts.","heading":"Canadian Regulatory Actions (2014–2020)","severity":"critical","sources":[{"credibility":1,"name":"Ontario Securities Commission — Karatbars International GmbH, Karatbit Exchange (investor warning)","type":"regulatory","url":"https://www.osc.ca/en/investors/warnings/karatbars-international-gmbh-karatbit-exchange"},{"credibility":1,"name":"Canadian Securities Administrators — Karatbars International GmbH, Karatbit Exchange","type":"regulatory","url":"https://www.securities-administrators.ca/investor-alerts/karatbars-international-gmbh-karatbit-exchange/"},{"credibility":1,"name":"BCSC — Karatbars International GmbH Investment Caution List","type":"regulatory","url":"https://bcsc.bc.ca/Enforcement/Investment_Caution_List/Karatbars_International_GmbH"},{"credibility":3,"name":"Behind MLM — Karatbars International Securities Fraud Warning from Canada","type":"news_article","url":"https://behindmlm.com/companies/karatbars-international/karatbars-international-securities-fraud-warning-from-canada/"}]},{"content":"New Zealand's Financial Markets Authority (FMA) added Karatbars International GmbH, Karatbit Foundation, and associated companies including Freebay to its public warnings list. The FMA recommended exercising caution before dealing with these entities, noting they were not registered companies or financial service providers in New Zealand. The FMA's warning page cited concurrent warnings from BaFin, the FSCA, the British Columbia Securities Commission, Quebec's AMF, and the Bank of Namibia.","heading":"New Zealand FMA Warning","severity":"high","sources":[{"credibility":1,"name":"FMA New Zealand — Karatbars International GmbH, Karatbit Foundation and associated companies, Freebay","type":"regulatory","url":"https://www.fma.govt.nz/library/warnings-and-alerts/karatbars-international-gmbh-karatbit-foundation-and-associated-companies-freebay/"}]},{"content":"In 2019, the Florida Office of Financial Regulation (OFR) opened an investigation into Karatbars International GmbH after the company promoted a 'cryptocurrency bank' called KC Bank, which it claimed would operate from Miami under US licensing. OFR spokesperson Katie Norris stated to CoinDesk: 'Karatbars is not licensed as a bank with the OFR. The OFR has an open investigation.' The investigation was triggered by Karatbars' promotion of banking and financial services in Florida without the required state licensing. No publicly announced final enforcement action from the Florida OFR has been identified in available sources.","heading":"Florida Office of Financial Regulation Investigation (2019)","severity":"high","sources":[{"credibility":2,"name":"CoinDesk — Gold-Backed Crypto Token's Promoter Investigated by Florida Regulators","type":"news_article","url":"https://www.coindesk.com/markets/2019/10/04/gold-backed-crypto-tokens-promoter-investigated-by-florida-regulators"},{"credibility":2,"name":"Crowdfund Insider — Florida's Regulators Are Investigating Karatbars","type":"news_article","url":"https://www.crowdfundinsider.com/2019/10/152464-floridas-regulators-are-investigating-karatbars-a-german-firm-thats-promoting-a-gold-backed-token/"}]},{"content":"On July 4, 2019, Karatbars staged a heavily promoted 'Gold Independence Day' event in Las Vegas at which the company had advertised that holders could exchange 100 KBC tokens for one gram of physical gold. The event did not deliver the promised gold exchange and failed to produce the promotional price gains that had been marketed to affiliates. The KBC token, which had reached an all-time high of approximately $0.12, declined approximately 62% in the days following the event. By August 2019, the token's price had fallen to around $0.02. The token was subsequently delisted from major exchanges and has continued to trade at fractions of a cent.","heading":"KBC Token Collapse and July 2019 'Gold Independence Day' Event","severity":"critical","sources":[{"credibility":3,"name":"Behind MLM — KaratBars Holds July 4th Hype Event, KaratGold Coin Dumps 62%","type":"news_article","url":"https://behindmlm.com/companies/karatbars-international/karatbars-holds-july-4th-hype-event-karatgold-coin-dumps-62/"},{"credibility":2,"name":"Chain Bulletin — Gold-Backed Karatbars Ecosystem Under Regulatory Pressure","type":"news_article","url":"https://chainbulletin.com/gold-backed-karatbars-ecosystem-under-regulatory-pressure"}]},{"content":"Harald Seiz, born in 1963 in Calw, Baden-Württemberg, Germany, founded Karatbars International in 2011. In 2019, Stuttgart prosecutors initiated an investigation against Seiz on suspicion of commercial fraud in connection with the two cryptocurrencies he issued — KBC and KCB. Seiz is reported to have relocated to Thailand. In March 2023, the Stuttgart district court issued an arrest warrant against Seiz for failure to appear to submit a declaration of assets at the request of a creditor; this warrant arose from a civil debt matter rather than directly from the cryptocurrency fraud investigation. Seiz reportedly acknowledged in a communication to the Stuttgart court that he now lives in Thailand.","heading":"Founder Harald Seiz: Criminal Investigation and Arrest Warrant","severity":"critical","sources":[{"credibility":3,"name":"Behind MLM — Arrest Warrant Issued for Karatbars International's Harald Seiz","type":"news_article","url":"https://behindmlm.com/companies/karatbars-international/arrest-warrant-issued-for-karatbars-internationals-harold-seiz/"},{"credibility":3,"name":"BE Conflict Management — Arrest Warrant Against Harald Seiz (different matter)","type":"other","url":"https://www.bekm.us/yes-there-is-an-arrest-warrant-against-karatbars-operator-harald-seiz-but-in-a-different-matter/"}]},{"content":"Josip Heit, described by German media as having a 'tricky past,' served as Chairman of the Board of Karatbars and was involved in Karatbit Foundation's KBC operations. Following Karatbars' collapse, Heit launched GSB Gold Standard Banking Corporation, a Hamburg-based company that issued a cryptocurrency called G999 and similarly claimed banking status. BaFin clarified that GSB does not hold permission to offer banking or financial services in Germany. Subsequent reporting indicates that the CFTC, SEC, and multiple US state regulators have investigated GSPartners — a successor entity linked to Heit — on securities fraud grounds. GSB's model drew comparisons to Karatbars' playbook of combining gold branding with an MLM token structure.","heading":"Josip Heit and GSB Gold Standard Bank","severity":"high","sources":[{"credibility":2,"name":"Stiftung Warentest — GSB Gold Standard Banking Corporation: Fragwürdiges Angebot mit Krypto-Coin G999","type":"news_article","url":"https://www.test.de/GSB-Gold-Standard-Banking-Corporation-Fragwuerdiges-Angebot-mit-Krypto-Coin-G999-5714127-0/"},{"credibility":3,"name":"Intelligence Line — Josip Heit Suspicious Crypto Investments","type":"other","url":"https://www.intelligenceline.com/r/Reports/14774/josip-heits-suspicious-crypto-investments-what-investors-need-to-know/"}]},{"content":"In September 2020, following the accumulation of regulatory actions across five jurisdictions, Karatbars International announced it would rebrand as Freebay and introduced a token called V999. Critics and MLM-tracking outlets characterised Freebay as a rebranded continuation of the same structure with a new token. Freebay did not gain meaningful traction. Available evidence indicates the original Karatbars brand ceased substantive operations; investors were left without refunds and affiliates without outstanding commissions. The KBC token remains on some minor exchanges at negligible valuations. No official investor compensation mechanism has been identified in available sources.","heading":"Rebrand as Freebay and Current Status","severity":"high","sources":[{"credibility":3,"name":"Entrepreneurs NG — Is Karatbars Still in Business? Honest Answers","type":"other","url":"https://entrepreneurs.ng/is-karatbars-still-in-business/"},{"credibility":3,"name":"Behind MLM — Freebay Review: Karatbars' V999 Ponzi Token Reboot","type":"news_article","url":"https://behindmlm.com/mlm-reviews/freebay-review-karatbars-v999-ponzi-token-reboot/"}]}],"sources_used":[{"credibility":2,"name":"CoinDesk — German Regulator Orders KaratGold Coin Issuer to Cease Operations","type":"news_article","url":"https://www.coindesk.com/markets/2019/11/15/german-regulator-orders-karatgold-coin-issuer-to-cease-operations"},{"credibility":2,"name":"CoinDesk — Gold-Backed Crypto Token's Promoter Investigated by Florida Regulators","type":"news_article","url":"https://www.coindesk.com/markets/2019/10/04/gold-backed-crypto-tokens-promoter-investigated-by-florida-regulators"},{"credibility":1,"name":"Bank of Namibia — Karatbars International Declared a Pyramid Scheme (New Era Live)","type":"regulatory","url":"https://neweralive.na/posts/karatbars-the-latest-pyramid-scheme-identified-by-bank-of-namibia"},{"credibility":2,"name":"The Namibian — BoN Declares Karatbars a Pyramid Scheme","type":"news_article","url":"https://www.namibian.com.na/bon-declares-karatbars-a-pyramid-scheme/"},{"credibility":2,"name":"allAfrica — Karatbars International Is a Scam Says Central Bank","type":"news_article","url":"https://allafrica.com/stories/201905060688.html"},{"credibility":1,"name":"FSCA Press Release — Warning Against Karatbars International GmbH (November 11, 2019)","type":"regulatory","url":"https://www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20warning%20against%20Karatbars%20International%20GmbH%2011%20November%202019.pdf"},{"credibility":1,"name":"FSCA Press Release — Update on Public Warning (December 13, 2019)","type":"regulatory","url":"https://www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20-%20Update%20on%20public%20warning%20regarding%20Karatbars%20International%20GmbH%20-%2013%20December%202019.pdf"},{"credibility":2,"name":"FA News — FSCA Warns the Public Against Karatbars International GmbH","type":"news_article","url":"https://www.fanews.co.za/article/compliance-regulatory/2/financial-sector-conduct-authority-fsca-was-fsb/1059/fsca-warns-the-public-against-karatbars-international-gmbh/27870"},{"credibility":1,"name":"Ontario Securities Commission — Karatbars International GmbH, Karatbit Exchange","type":"regulatory","url":"https://www.osc.ca/en/investors/warnings/karatbars-international-gmbh-karatbit-exchange"},{"credibility":1,"name":"Canadian Securities Administrators — Karatbars International GmbH, Karatbit Exchange","type":"regulatory","url":"https://www.securities-administrators.ca/investor-alerts/karatbars-international-gmbh-karatbit-exchange/"},{"credibility":1,"name":"BCSC — Karatbars International GmbH Investment Caution List","type":"regulatory","url":"https://bcsc.bc.ca/Enforcement/Investment_Caution_List/Karatbars_International_GmbH"},{"credibility":1,"name":"FMA New Zealand — Karatbars International GmbH, Karatbit Foundation and associated companies, Freebay","type":"regulatory","url":"https://www.fma.govt.nz/library/warnings-and-alerts/karatbars-international-gmbh-karatbit-foundation-and-associated-companies-freebay/"},{"credibility":2,"name":"Business Day South Africa — Consumers Warned to Stay Away from Karatbars","type":"news_article","url":"https://www.businessday.co.za/money/2019-11-14-consumers-warned-to-stay-away-from-karatbars/"},{"credibility":2,"name":"Chain Bulletin — Gold-Backed Karatbars Ecosystem Under Regulatory Pressure","type":"news_article","url":"https://chainbulletin.com/gold-backed-karatbars-ecosystem-under-regulatory-pressure"},{"credibility":2,"name":"Crowdfund Insider — Florida's Regulators Are Investigating Karatbars","type":"news_article","url":"https://www.crowdfundinsider.com/2019/10/152464-floridas-regulators-are-investigating-karatbars-a-german-firm-thats-promoting-a-gold-backed-token/"},{"credibility":2,"name":"Bitcoin Insider — The $100m Karatbars ICO Raises Questions Which Can't Be Answered","type":"news_article","url":"https://www.bitcoininsider.org/article/75994/100m-karatbars-ico-raises-questions-which-cant-be-answered"},{"credibility":3,"name":"Behind MLM — Arrest Warrant Issued for Karatbars International's Harald Seiz","type":"news_article","url":"https://behindmlm.com/companies/karatbars-international/arrest-warrant-issued-for-karatbars-internationals-harold-seiz/"},{"credibility":3,"name":"Behind MLM — Karatbars Holds July 4th Hype Event, KaratGold Coin Dumps 62%","type":"news_article","url":"https://behindmlm.com/companies/karatbars-international/karatbars-holds-july-4th-hype-event-karatgold-coin-dumps-62/"},{"credibility":2,"name":"Stiftung Warentest — GSB Gold Standard Banking Corporation G999","type":"news_article","url":"https://www.test.de/GSB-Gold-Standard-Banking-Corporation-Fragwuerdiges-Angebot-mit-Krypto-Coin-G999-5714127-0/"},{"credibility":1,"name":"New Brunswick FCNB — Investor Alert: Karatbars Investment Program","type":"regulatory","url":"https://fcnb.ca/en/news-alerts/investor-alert-karatbars-investment-program"}],"summary":"Karatbars International GmbH is a Stuttgart-based multi-level marketing company founded in 2011 by Harald Seiz that sold small gold bars through an affiliate network before launching the KaratGold Coin (KBC) in a 2018 ICO that allegedly raised $100 million. Regulatory authorities in Namibia, Germany (BaFin), South Africa, Canada, New Zealand, and the United States (Florida) issued warnings or enforcement actions against the company between 2014 and 2020, with Namibia's central bank formally declaring it a pyramid scheme in May 2019. By late 2020 the company had rebranded as Freebay after the KBC token collapsed; its founder Harald Seiz relocated to Thailand and a German court issued an arrest warrant against him in 2023.","timeline":[{"date":"2011-01-01","event":"Harald Seiz founds Karatbars International GmbH in Stuttgart, Germany, launching an MLM program selling small gold bars through an affiliate network.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2019/10/04/gold-backed-crypto-tokens-promoter-investigated-by-florida-regulators"},{"date":"2014-03-01","event":"Quebec's Autorité des marchés financiers (AMF) issues a securities fraud warning against Karatbars International, the first major regulatory action against the company.","source":"Behind MLM — Karatbars International Securities Fraud Warning from Canada","source_url":"https://behindmlm.com/companies/karatbars-international/karatbars-international-securities-fraud-warning-from-canada/"},{"date":"2016-11-04","event":"A Quebec court issues an order prohibiting the operation and promotion of Karatbars in Canada following AMF enforcement proceedings.","source":"Behind MLM — Karatbars International Banned in Canada","source_url":"https://behindmlm.com/mlm/regulation/karatbars-international-banned-in-canada-pyramid-scammers-fined/"},{"date":"2018-04-01","event":"Karatbars launches the KaratGold Coin (KBC) ICO on the Ethereum blockchain, claiming to raise approximately $100 million. The coin is marketed as backed by gold from an alleged mine in Madagascar.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2019/10/04/gold-backed-crypto-tokens-promoter-investigated-by-florida-regulators"},{"date":"2019-05-07","event":"The Bank of Namibia formally declares Karatbars International a pyramid scheme, citing violation of Section 55A of the Banking Institutions Act.","source":"New Era Live — Bank of Namibia Declares Karatbars a Pyramid Scheme","source_url":"https://neweralive.na/posts/karatbars-the-latest-pyramid-scheme-identified-by-bank-of-namibia"},{"date":"2019-07-04","event":"The 'Gold Independence Day' event in Las Vegas fails to deliver the promised gold-for-KBC exchange; KBC token drops approximately 62% in subsequent days from an all-time high near $0.12.","source":"Behind MLM — KaratBars Holds July 4th Hype Event, KaratGold Coin Dumps 62%","source_url":"https://behindmlm.com/companies/karatbars-international/karatbars-holds-july-4th-hype-event-karatgold-coin-dumps-62/"},{"date":"2019-10-04","event":"CoinDesk reports that Florida's Office of Financial Regulation has opened an investigation into Karatbars for operating an unlicensed bank in Miami; Madagascar Chamber of Mines denies the existence of Karatbars' claimed gold mine.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2019/10/04/gold-backed-crypto-tokens-promoter-investigated-by-florida-regulators"},{"date":"2019-10-21","event":"Germany's BaFin issues a cease-and-desist order against the Karatbit Foundation, ordering it to wind up its electronic money business in Germany and return approximately $100 million to investors.","source":"CoinDesk — German Regulator Orders KaratGold Coin Issuer to Cease Operations","source_url":"https://www.coindesk.com/markets/2019/11/15/german-regulator-orders-karatgold-coin-issuer-to-cease-operations"},{"date":"2019-11-12","event":"South Africa's FSCA issues a public warning stating Karatbars International GmbH is not authorised under the FAIS Act to render financial services in South Africa.","source":"FSCA Press Release","source_url":"https://www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20warning%20against%20Karatbars%20International%20GmbH%2011%20November%202019.pdf"},{"date":"2019-12-13","event":"FSCA issues an updated statement finding that Karatbars' two products — physical gold bullion and a to-be-launched digital asset — do not fall under FSCA jurisdiction, though the earlier warning about unlicensed solicitation remains in force.","source":"FSCA Press Release Update","source_url":"https://www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20-%20Update%20on%20public%20warning%20regarding%20Karatbars%20International%20GmbH%20-%2013%20December%202019.pdf"},{"date":"2020-07-01","event":"Ontario Securities Commission adds Karatbars International GmbH and Karatbit Exchange to its investor-warning list.","source":"Ontario Securities Commission — Investor Warnings","source_url":"https://www.osc.ca/en/investors/warnings/karatbars-international-gmbh-karatbit-exchange"},{"date":"2020-09-01","event":"Karatbars announces a rebrand to 'Freebay,' introducing a V999 token. Critics characterise the rebrand as a continuation of the same structure.","source":"Entrepreneurs NG — Is Karatbars Still in Business?","source_url":"https://entrepreneurs.ng/is-karatbars-still-in-business/"},{"date":"2023-03-01","event":"The Stuttgart district court issues an arrest warrant against Harald Seiz for failure to appear before a creditor's asset-declaration proceeding; Seiz is reported to be living in Thailand.","source":"Behind MLM — Arrest Warrant Issued for Karatbars International's Harald Seiz","source_url":"https://behindmlm.com/companies/karatbars-international/arrest-warrant-issued-for-karatbars-internationals-harold-seiz/"}]},"v":1}