Erscheinung:21.11.2023 | Topic Unauthorised business, Consumer protection venturesexchanges.com: BaFin investigates website operator
The Federal Financial Supervisory Authority (BaFin) warns consumers about the website venturesexchanges.com. According to information available to BaFin, the operator is providing financial and investment services on this website without the required authorisation. In business transactions with customers, the operator uses the name of “Fincap Ventures AIF V.C.I.C. Plc”, an institution licenced in Cyprus. This is a case of identity theft.
On the website, the operator refers to itself as “VentureXchange” without providing any information about its legal form. The company claims to be part of Pix Point Consulting LTD, London and Holyhead, United Kingdom. BaFin warned consumers about this company on 28 July 2023.
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.
