Erscheinung:21.05.2019 | Topic Unauthorised business KLDC Technological systems LTD: BaFin orders the cessation of cross-border proprietary trading
In a notice dated 10 May 2019, BaFin ordered KLDC Technological systems LTD, Marshall Islands, to immediately cease its cross-border proprietary trading activities.
On its trading platform, www.cfxpoint.com, KLDC Technological systems LTD offers financial contracts for difference (CFDs) on shares, indices, precious metals and commodities as well as the option to purchase and trade in cryptocurrencies. In facilitating its customers’ access to the contracts offered and to cryptocurrencies, the company is conducting proprietary trading within the meaning of section 1 (1a) sentence 2 no. 4 (c) of the KWG in the Federal Republic of Germany as a service for others. However, it does not hold the authorisation required under section 32 (1) of the KWG.
This notice is immediately enforceable by law.
