Erscheinung:08.01.2021 | Topic Unauthorised business BIIC KREDIT: BaFin prohibits unauthorised lending business and orders business to be wound up.
In a notice dated 26 November 2020, BaFin ordered BIIC KREDIT to immediately cease its lending business and wind up its business activities without delay.
The company BIIC KREDIT operates a credit platform on which individual loans, student loans, real estate loans and car purchase loans (“auto credits”) are offered. The credit platform can be accessed via the biickredit.com domain.
The company is thus conducting lending business within the meaning of section 1 (1) sentence 2 no. 2 of the German Banking Act (Kreditwesengesetz – KWG) on a commercial basis without having obtained authorisation from BaFin, as required under section 32 (1) of the KWG. It is therefore conducting unauthorised business activities
Despite assertions to the contrary, the company is also not subject to BaFin’s supervision.
By law, the order is immediately enforceable but not yet final.
