Post sponsored by

Source: Bundesanstalt für Finanzdienstleistungsaufsicht

On the platform, German customers are offered contracts for difference (CFDs) based on forex products, crypto currencies, stocks, indices and commodities.

The operator of the platform is thus conducting proprietary trading dealing on own account within the meaning of section 1 (1a) sentence 2 no. 4 (c) of the KWG on a commercial basis. Neither the trading platform nor its operator hold the authorisation required under section 32 (1) of the KWG and are therefore conducting unauthorised business.

A legal notice cannot be found on the trading platform’s website. The website also does not contain information on the company’s registered office or the entity responsible. BaFin has evidence of an (alleged) business address in Great Britain. Persons using e-mail addresses containing the domain approach German investors and claim to be employees of an “authorisation department” acting on behalf of an “exchange supervisory office”.

MIL OSI Global Banks