MIL-OSI Translation: Trading platform BaFin is investigating Firstfxcapital


MIL OSI translation. Region: Germany/Germany –

Source: Federal Financial Supervisory Authority

According to Section 37 Paragraph 4 of the German Banking Act (KWG), BaFin clarifies that Firstfxcapital, Phoenix, USA, does not have a license under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin.

The content on the website and information available to BaFin justify the assumption that unauthorized banking transactions or financial services are being offered in Germany via the platform. The website contains no reference to the legal form of the company. Customers are recruited via Instagram and asked to purchase bitcoins and transfer them to the platform. The customers can only take out the alleged profits after additional deposits, whereby the profits are then not paid out.

Providers of banking transactions or financial services in Germany require a license under the KWG. However, some companies trade without the required permission. Information on whether a specific company is licensed by BaFin can be found in the company database.

The BaFin, the Federal Criminal Police Office (BKA) and the State Criminal Police Offices guess Consumers to be extremely careful when investing on the Internet and to do thorough research in advance in order to identify attempts at fraud in good time.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

MIL Translation OSI