Erscheinung:23.08.2021 | Topic Unauthorised business Trading platform tradergy.io: BaFin prohibits unauthorised proprietary trading
In a notice dated 21 July 2021, BaFin ordered Interactive Solutions Limited, Dominica, which operates the trading platform tradergy.io, to immediately cease its unauthorised proprietary trading activities.
German customers can open trading accounts on the tradergy.io platform and use them to trade in forex products, shares and contracts for difference (CFDs). Interactive Solutions Limited determines the prices for the trades offered on the platform itself and acts as the counterparty in the trades placed by its customers.
The company is thus conducting proprietary trading within the meaning of section 1 (1a) sentence 2 no. 4 (c) of the German Banking Act (Kreditwesengesetz – KWG) on a commercial basis. The company does not hold authorisation from BaFin as required under section 32 (1) of the KWG and is thus conducting unauthorised business.
According to information available to BaFin, customers of the trading platform tradingon.io were transferred to the trading platform tradergy.io operated by Interactive Solutions Limited without having requested this. In a notice dated 14 May 2020, BaFin had already ordered the operators of the trading platform tradingon.io, Netbit services and solutions limited, Tallin, Estonia, to cease their unauthorised proprietary trading activities.
