Erscheinung:09.02.2023 | Topic Unauthorised business Trading platform broker-shield.de: BaFin investigates operator of website
In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that the operator of the website broker-shield.de, London, United Kingdom, does not hold authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin. The registration number given on the website is that of the company CBROKERS TECHNOLOGY LIMITED. The offeror has used the name Broker Shield Ltd. when addressing German investors. The owner of the domain is Master Broker, Bucharest, Romania.
The information provided on the website broker-shield.de and the information and documents available to BaFin give reasonable grounds to suspect that the platform is being used to conduct banking business and/or provide financial services in Germany without the required authorisation.
Companies that conduct banking business or provide financial services in Germany require authorisation under the KWG. However, some companies operate without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
