Financial regulatory body, Bafin, issues cautions against certain financial service providers.

Financial regulatory body, Bafin, issues cautions against certain financial service providers.

In a series of recent moves, the German financial supervisory authority, Bafin, has taken action against several companies operating without permission in the financial sector. Here's a breakdown of the key developments:

1. The winding down of loan offer number IV from UDI was ordered several weeks ago, leading to its insolvency. This follows a string of unauthorised deposit-taking businesses that Bafin has been monitoring closely.
2. Seabreeze Partners Ltd., a Dominica-based entity, has been reported by BaFin for unauthorized asset management and for sending forged letters bearing the FSCS logo. The company, which operates the online trading platform profiassistio, has asked customers to pay provision and tax fees via email.
3. Bafin has ordered the immediate cessation of operations for the trading platform 24shares. The platform offers difference contracts on Forex products, commodities, stocks, indices, and cryptocurrencies. Employees of 24shares have been reportedly calling customers who have suffered losses on other platforms, supposedly on behalf of Bafin.
4. WebMaster Solutions GmbH, Widestep GmbH, Bergefelder Leibrenten AG, and Wotan Finanzen UG are also operating without permission. Wotan Finanzen UG offers "building savings contracts" on the website bausparer.online.
5. Bafin has warned against forged letters with the logo of the FSCS being sent by Seabreeze Partners Ltd. The same warning applies to indications that Holinvest AG's investment "Kinole" lacks a sales prospectus.
6. Numerian Treuhand AG from Switzerland has offered shares in the Prestige Media Group, and Bafin indicates that the offering lacks a sales prospectus - a mandatory requirement for the distribution of securities and certain investment assets in Germany.
7. The trading platform 24newsrade of the Baumont Group Ltd is prohibited from providing unauthorized financial portfolio management.
8. The website of 24shares does not contain an imprint or information about the business seat or the responsible company, a requirement for all financial service providers in Germany. The same applies to Pegasus Development GmbH's offer of a silent partnership in Fashion Concept GmbH.
9. Last month, a cessation of the unauthorized provision of proprietary trading was reported for profiassistio.
10. Bafin continues to monitor the financial market closely and reports on companies operating unauthorized financial businesses to protect consumers and maintain market integrity.

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