Erscheinung:07.08.2018 | Topic Unauthorised business BP1 LP, (“Stern Options”): BaFin orders the cessation of unauthorised proprietary trading
As of 28 June 2018, BaFin ordered BP1 LP, Great Britain, to cease and desist from cross-border proprietary trading.
On its trading platform www.sternoptions.com, BP1 LP offers binary options and contracts for difference (CFDs) on shares, indices, currencies, commodities and cryptocurrencies for purchase (and sale). In facilitating customers' access to the contracts, the company is conducting proprietary trading within the meaning of § 1 (1a) sentence 2 no. 4 (c) of the German Banking Act (Kreditwesengesetz – KWG) as a service for others without the required authorisation from BaFin.
By law, the order is immediately enforceable.