Erscheinung:22.08.2018 | Topic Unauthorised business FinTech Service GmbH: BaFin orders the cessation of supporting unauthorised proprietary trading
As of 8 May 2018, BaFin ordered FinTech Service GmbH, Düsseldorf, to cease and desist from supporting cross-border proprietary trading conducted by trading platforms.
Exercising back office activities for unlicensed trading platforms as www.weissfinance.com (Owner: Pairs Ltd., Marshall Islands), www.sternoptions.com (Owner: BP1 LP, Bulgaria) and www.olssoncapital.com (Owner: Carter Enterprises OU, Estonia), FinTech Service GmbH is involved in their proprietary trading without the required authorisation from BaFin. FinTech Service GmbH offers support of and communication with clients on behalf of the platforms.
As of 10 August 2018, FinTech Service GmbHs application for the reinstatement of the suspension of the decision has been denied by the Administrative Court of Frankfurt am Main.
By law, the order is immediately enforceable, but not yet final.