Erscheinung:16.12.2019, Stand:updated on 06.12.2019 | Topic Unauthorised business FCorp Services Ltd./ Plattform Rimarkets:: BaFin orders the cessation of cross-border proprietary trading
In a notice dated 12 December 2019, BaFin ordered FCorp Services Ltd Majuro, Marshall Island, to cease cross-border proprietary trading immediately.
On its trading platform www.rimarkets-fx.com (former www.rimarkets.com), the company offers German customers financial contracts for differences (CFDs) based on underlying assets such as stocks, currecies, indices and commodities.
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.
Further information about the unauthorised business activities of specific trading platforms can be found on the BaFin website.
