Source: Bundesanstalt für Finanzdienstleistungsaufsicht
In a notice dated 29 September 2020, BaFin ordered Greenriver OU, Tallinn, Estonia, to cease its cross-border proprietary trading immediately.
GreenRiver OU operates the trading platform “Morgan Trust” for contracts for difference (CFDs) and crypto currencies. The platform can be accessed through the domain morgantrust.eu.
The company is thus conducting proprietary trading within the meaning of section 1 (1a) sentence 2 no. 4 (a) of the German Banking Act (Kreditwesengesetz – KWG) on a commercial basis without having obtained authorisation from BaFin, as required under section 32 (1) of the KWG. It is therefore conducting unauthorised business activities.
By law, the order is immediately enforceable but not yet final.