Erscheinung:06.05.2021 | Topic Unauthorised business Advanced Software Solutions Ltd./invcenter.com trading platform: BaFin prohibits unauthorised proprietary trading
In a notice dated 23 April 2021, BaFin ordered Advanced Software Solutions Ltd., Saint Vincent and the Grenadines, as the operator of the invcenter.com trading platform, to immediately cease its unauthorised proprietary trading activities.
The company offers German customers the opportunity to enter into contracts for difference (CFDs) based on shares, indices, commodities, currencies and crypto currencies via the invcenter.com platform.
In doing so, it is conducting proprietary trading within the meaning of section 1 (1a) sentence 2 no. 4 (c) of the KWG on a commercial basis. Advanced Software Solutions Ltd. does not hold authorisation from BaFin, as required under section 32 (1) of the KWG, and is therefore conducting unauthorised business.
