Erscheinung:20.07.2021 | Topic Unauthorised business baronsvc.com trading platform: BaFin prohibits unauthorised portfolio management
In its notice dated 23 June 2021, BaFin ordered Atlantis Technology Group Ltd., Marshall Islands, Kolusha OU, Estonia, and FMR International OU, Estonia and the UK, as the operator of the baronsvc.com trading platform, to immediately cease its unauthorised portfolio management activities. The aforementioned companies are named at various places on the website as the responsible operator.
German customers can open trading accounts on the baronsvc.com platform and use them to trade in contracts for difference (CFDs), crypto currencies and forex products, etc. Employees of the platform make investment decisions for their customers on their own authority.
The operator of the platform is therefore providing portfolio management services within the meaning of section 1 (1a) sentence 2 no. 3 of the KWG on a commercial basis. None of the companies hold authorisation from BaFin as required under section 32 (1) of the KWG. They are therefore conducting unauthorised business.
