Erscheinung:17.01.2025 | Topic Unauthorised business, Consumer protection DepotWelt: BaFin warns against website depotwelt.com
The financial supervisory authority BaFin warns against offers on the website morgans-finance.com. BaFin suspects that DepotWelt aka Depotwelt Sale Group allegedly based in Zurich, Switzerland, Frankfurt am Main and Düsseldorf is offering financial services without the required authorisation. Contrary to its own statements on its website, the company is not supervised by the Cypriot financial supervisory authority, the Cyprus Securities and Exchange Commission (Cysec).
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 required authorisation. Information on whether 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.
