The operators generally refer to themselves as Paragonfx or Paragonfxs on the website. However, in one location on the website FIBIANCE is named as the operator several times. An address in Solihull, UK is given as the business address. When dealing with customers, the operators refer to themselves in business documents as Paragon Investing, Paragon Ltd, Paragon Capital Management Limited, Paragon Capital, Paragon Capital Partners or Paragon Capital Ltd. Moreover, they provide two different addresses in London, UK in these documents. They also mention the additional domain paragonfx.com, but this is currently inactive.

The above address in Solihull is where the company Paragon Bank Plc is domiciled. Paragon Bank Plc is authorised by the British Financial Conduct Authority (FCA). To BaFin’s knowledge, there is no connection whatsoever between Paragon Bank Plc and the website paragonfx.com, the services offered on the website or the above-mentioned documents that are sent to customers. This would appear to be a case of identity theft committed against the company Paragon Bank Plc.

Anyone providing financial, investment or cryptoasset 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.

BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomärkteaufsichtsgesetz – KMAG).