Topic Unauthorised business The operator of “XMarkets” (Celestial Trading Ltd.) has no authorisation pursuant to section 32 of the German Banking Act. Its services are not to be confused with those provided by Deutsche Bank AG (“X-markets”)
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) points out that Celestial Trading Ltd., which operates the platform “XMarkets”, has not been granted authorisation to provide financial services pursuant to section 32 of the German Banking Act (Gesetz über das Kreditwesen – KWG). The company is not supervised by BaFin as of yet.
On the website www.xmarkets.com, Celestial Trading Ltd. offers customers the opportunity to open a forex trading account. BaFin cannot rule out that the company is providing financial services which require authorisation pursuant to section 32 (1) of the German Banking Act.
It should also be noted that the company is not associated with “X-markets”, which involves services provided by Deutsche Bank AG at www.xmarkets.db.com.