Erscheinung:31.05.2021 | Topic Unauthorised business bexstock.com: new platform replaces unauthorised investexp.de
In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin wishes to clarify that www.bexstock.com, an online trading platform for contracts for difference (CFDs) on shares, commodities, indices, crypto assets and other financial instruments, which is operated by BS ASIA PTE. Ltd., Singapore, does not have authorisation to conduct banking business or provide financial services.
Contrary to the claims of the operators, the platform is not connected to the financial services institution CMC Markets Deutschland GmbH, which is supervised by BaFin.
Rather, bexstock.com replaces the unauthorised trading platform www.investexp.de‚ which was subject to an order to cease and wind up business operations by BaFin. Following this order, the operators tried to convince their customers of their authenticity by means of a fake letter from BaFin.
Previously, the trading platform appeared under the domain www.beexp.de, and the operators falsely claimed the platform was a wholly-owned subsidiary of a financial services institution supervised by BaFin.
On its website, BaFin publishes warnings about companies operating without authorisation, in addition to specific measures imposed on such companies.
BaFin also publishes warnings about specific business activities or commercial practices. For example, it has repeatedly drawn attention to the risks posed by transactions with unauthorised trading platforms.
