Topic Unauthorised business Finatex Ltd. (Platform: UB4TRADE): BaFin orders the cessation of cross-border proprietary trading
In a notice dated 26 November 2018, BaFin ordered Finatex Ltd., United Kingdom, to cease cross-border proprietary trading immediately.
On its trading platform, www.ub4trade.com, Finatex Ltd. offers options on shares, indices, currencies and commodities. In facilitating customers’ access to the options offered, the company is conducting proprietary trading within the meaning of section 1 (1a) sentence 2 no. 4 (c) of the German Banking Act (Kreditwesengesetz – KWG) as a service for others in the Federal Republic of Germany. However, it does not hold the authorisation required under section 32 (1) of the KWG.
This notice is immediately enforceable by law.