Erscheinung:26.01.2024 | Topic Unauthorised business, Consumer protection Hotapitalstox.com: BaFin investigates Hotcapital Stox Group Limited
The Federal Financial Supervisory Authority (BaFin) warns consumers about the offers from Hot Capital Stox from London. According to information available to BaFin, this operator is providing financial and investment services on website hotcapitalstox.com without the required authorisation. The operator asserts to be regulated by a “European Security Exchange Brokerage” but such an authority doesn’t exist.
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.
