Erscheinung:07.10.2021 | Topic Unauthorised business BaFin investigates the trading platform primecryptocapital.com
In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin wishes to clarify that the operator of the trading platform primecryptocapital.com does not have authorisation under the KWG to conduct banking business or provide financial services. The company is not subject to BaFin’s supervision.
Based on the contents of the website primecryptocapital.com and on information and documents available to BaFin, there are grounds to suspect that the company is conducting banking business and/or providing financial services in the Federal Republic of Germany without the required authorisation.
The website does not contain a legal notice or any other information regarding the company’s registered office. According to the terms and conditions, the company is subject to Estonian law. On its website, the company refers to itself both as “PrimecryptoCapital” and as “BancDeLuxembourg”.
Under the terms and conditions, the company states that PrimecryptoCapital is operated under the umbrella of a named Cypriot financial trading institution.
This institution, which is authorised by the Cyprus Securities and Exchange Commission (CySEC), emphasises that it does not cooperate in any way with the platform primecryptocapital.com. Rather, this is a case of identity misuse committed by unknown perpetrators. The Cypriot institution in question has been granted authorisation under Section 74 of the German Investment Firm Act (Wertpapierinstitutsgesetz) to operate in Germany on a cross-border basis.
