Erscheinung:30.07.2018 | Topic Unauthorised business PWRTrade (GN Management EOOD): BaFin orders the cessation and wind-up of deposit business
In a notice of 13 July 2018, BaFin ordered the online platform PWRTrade and its operator GN Management EOOD to immediately cease the deposit business it has been conducting without the required authorisation.
The website www.pwrtrade.co provides an online platform for trading in binary options under the brand name "PWRTrade". While the brand name PWRTrade has remained the same, the information regarding the operators of the platform has been changed several times. Firstly, it appears that PWRTrade is a company rather than merely a brand name. Secondly, both GN Management EOOD (Sofia, Bulgaria) and GN Capital Limited have, alternately, been presented as the operators of the platform.
The platform maintains customer accounts and accepts unconditionally repayable funds from customers to these accounts. In accepting these funds GN Management EOOD, under the brand name PWRTrade, is conducting cross-border deposit business within the meaning of section 1 (1) sentence 2 no. 1 of the German Banking Act in the Federal Republic of Germany, which requires authorisation. However, the platform does not hold the authorisation required under section 32 (1) of the KWG.
This notice is immediately enforceable by law.
