Erscheinung:17.03.2021 | Topic Unauthorised business Axedo.co Market LTD/online trading platform axedo.co: BaFin prohibits unauthorised portfolio management
In a notice dated 1 March 2021, BaFin ordered Axedo.co Market LTD to immediately cease its unauthorised portfolio management activities.
The company opens trading accounts for customers on its trading platform axedo.co. The accounts are supposed to allow customers to trade in forex and CFD products. The company makes investment decisions regarding the accounts without consulting the account holders beforehand.
In doing so, the company is conducting portfolio management activities commercially within the meaning of section 1 (1a) sentence 2 no. 3 of the KWG. Axedo.co Market LTD does not hold authorisation from BaFin, as required under section 32 (1) of the KWG, and is therefore conducting unauthorised business.
BaFin has not been able to verify the existence of the business address in Frankfurt/Main that is mentioned on the website. Axedo.co Market LTD has told customers that it is authorised by the UK’s Financial Conduct Authority (FCA). The company does not have such authorisation, however.
