Solaris

In 2022, BaFin, Germany's primary AML supervisor, imposed restrictions on Solaris, a major European BaaS provider. The regulator banned the company from entering into new partnerships without prior regulatory approval and ordered it to implement AML-related upgrades. Solaris was also required to observe transfer and cash payment limits for certain accounts. Solaris had served major clients including Samsung, American Express, and BP, and had also targeted the cryptocurrency industry. The action reflected growing regulatory concern about AML compliance failures in the BaaS sector.

Verified from source: BaFin disclosed a ban on Solaris from entering into any new partnerships without first obtaining regulatory approval, ordered AML-related upgrades, and required observing transfer and cash payment limits for certain accounts. The article references this as occurring two weeks after a January 2023 Huobi partnership announcement, placing it in early February 2023 rather than January 2022.