Erscheinung:23.02.2024 | Topic Unauthorised business, Consumer protection wolfshagentrade.ltd: BaFin investigates website operator
The Federal Financial Supervisory Authority (BaFin) warns consumers about the company WolfshagenTrade and the services it is offering. According to information available to BaFin, unknown operators are providing financial and investment services on the website wolfshagentrade.ltd without the required authorisation. On this website, customers are given the opportunity to open accounts to trade in financial instruments.
Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
Please be aware:
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.
