Erscheinung:10.05.2021 | Topic Unauthorised business bankdefx.com trading platform: BaFin prohibits unauthorised portfolio management
In a notice dated 22 April 2021, BaFin ordered the bankdefx.com trading platform to immediately cease its unauthorised portfolio management activities.
The platform is used to open trading accounts for customers. These accounts purportedly allow customers to trade in contracts for difference (CFDs), forex products, commodities, shares, indices and crypto currencies. The company makes investment decisions regarding the accounts without consulting the account holders beforehand.
In doing so, the company is providing portfolio management services within the meaning of section 1 (1a) sentence 2 no. 3 of the KWG on a commercial basis. It does not hold authorisation from BaFin, as required under section 32 (1) of the KWG, and is therefore conducting unauthorised activities.
A legal notice cannot be found on the trading platform's website. In addition, the website does not provide any information on the company’s registered office. The operator of the platform draws attention to its services online by advertising them in German media.
