Erscheinung:28.09.2021 | Topic Unauthorised business greentrade24.net - BaFin investigates GreenTrading24
In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin wishes to clarify that GreenTrading24 has not been granted authorisation to conduct banking business or to provide financial services. The company is not subject to BaFin’s supervision.
On its website, greentrade24.net, the company falsely claims to have a “KWG licence” from BaFin and to be authorised under section 32 (1) of the KWG to provide various financial services. This is not true for ProDirect, for GreenTrade24 or for GreenTrading24.
In addition, the company states that some of the client funds are protected by the deposit protection fund of the Cypriot supervisory authority CySec. However, this is not the case.
The information provided on the website also gives reasonable grounds to suspect that the company is conducting banking business/providing financial services in the Federal Republic of Germany without authorisation.
Under the KWG, authorisation is required in order to conduct banking business or provide financial services in Germany. Some companies do so without the necessary authorisation, however. Information on whether a certain company has been authorised by BaFin can be found in BaFin’s database of companies.
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt) and the German state criminal police offices (Landeskriminalämter) recommend that anyone seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to avoid becoming the victim of fraud.
