Erscheinung:25.09.2024 | Topic Unauthorised business, Consumer protection Crypto trading platforms: BaFin warns consumers about websites stellarswiss.com and northstar-global.co
The Federal Financial Supervisory Authority (BaFin) warns consumers about the websites stellarswiss.com and northstar-global.co and the services they are offering. BaFin suspects the operators of the websites of offering consumers financial and investment services on these platforms without the required authorisation.
The operators, using several different names, advertise the same online trading platform, which enables trading in financial instruments such as crypto currencies.
On the website stellarswiss.com, StellarCorp Int. uses the trade name Stellar Swiss Ltd., claiming to have registered offices in Nicosia, Cyprus, and in London, United Kingdom. It further claims to be supervised by the British Financial Conduct Authority (FCA). This is not the case.
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 a particular company has been granted authorisation 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.
