Erscheinung:16.12.2019 | Topic Unauthorised business Platforms Dachfin.com and GrahamFE: BaFin orders the cessation of cross-border proprietary trading
In a notice dated 29 November 2019, BaFin ordered Elit Property Vision Ltd., Sofia, Bulgaria, to cease cross-border proprietary trading immediately.
On its trading platforms www.britonprice.com, www.dachfin.com and www.grahamfe.com, the company offers German customers financial contracts for differences (CFDs) based on underlying assets such as commodities, indices, shares and currencies.
The company is thus conducting proprietary trading within the meaning of section 1 (1a) sentence 1 no. 4 (c) of the German Banking Act (Kreditwesengesetz – KWG) on a commercial basis without the authorisation required under section 32 (1) of the KWG. It is therefore conducting unauthorised trading.
Numerous potentially dubious trading platforms are currently targeting the German market. Some of these platforms are also suspected of organised criminal activity.
BaFin has already issued a warning about the platform Britonprice (only available in German). Further information about the unauthorised business activities of specific trading platforms can be found on the BaFin website.
