The company opens trading accounts for clients on its trading platform capitalfx.co. The accounts are supposed to enable clients to trade in commodities, indices, shares, forex and CFD products. In connection with this, the company enters into agreements with its clients which rule out the possibility of incurring losses. The Terms & Conditions state that the financial instruments acquired by the clients are held in safekeeping and administered by EZ2GO Ltd. They also state that the company acts as the client's "agent" when executing trading orders. Moreover, the company makes investment decisions regarding the trading accounts without consulting the account holder beforehand.

The company is thereby conducting deposit business under section 1 (1) sentence 2 no. 1 of the KWG and safe custody business under section 1 (1) sentence 2 no. 5 of the KWG, and is providing contract broking services under section 1 (1a) sentence 2 no. 2 of the KWG and portfolio management services under section 1 (1a) sentence 2 no. 3 of the KWG, in all cases on a commercial basis. EZ2GO Ltd. does not hold authorisation from BaFin as required under section 32 (1) of the KWG and is thus conducting unauthorised business.

According to the documents available to BaFin, the company is also domiciled in the United Kingdom. In our notice published on the BaFin website on 8 February 2021, we already informed the public that documents with the logos of BaFin, the European Securities and Markets Authority (ESMA) and the British Financial Conduct Authority (FCA) used by the trading platform capitalfx.co were fakes. The documents available to BaFin now also include a fake letter of the Federal Central Tax Office (Bundeszentralamt für Steuern – BZSt) and a fake tax form again bearing the logo of ESMA, amongst other things. We also have information that EZ2GO Ltd. faked a letter of BaFin, which was sent out to investors. In this letter, “CapitalFX” is referred to as “part of a fraud industry in Europe”. Investors intending to initiate a repayment of their capital invested with this company are told to “turn to the finance department to arrange for the blocked funds to be withdrawn“. The addressees of the letter are also called on to pay a “fee” as guarantee that “these funds are genuine“. BaFin stresses that this letter is a fake and that it was not sent by BaFin. Other documents made available to BaFin show that the responsible parties of the trading platform capitalfx.co have in some cases approached investors under the company name Aegion Group LTD. We have no information about actual ties between the trading platform and the US company Aegion Corporation.