Unauthorized Forex Brokers Investigated by Germany BaFin in August
According to updates from the German financial regulator BaFin in August 2024, the following brokers are not authorized under the KWG to conduct banking business or provide financial services.
These unauthorized operators offer financial and investment services on their websites without the necessary approval.
Some of the unlicensed brokers were trying to convince the public that they were fully regulated by watchdogs by claiming or implying to be famous firms.
If you find your broker is on the list of warned brokers in August, please immediately stop paying and seek help from your local enforcement agencies and financial watchdogs.
ONTraders International
Website: on-traders.com
CryptosMarket
Website: cryptosmarket.org
Notice:
-The firm claims to be located in London, United Kingdom.
-Other similar websites also caught the attention of BaFin with those websites' homepages displaying the phrase: ‘Step Into the Trading Arena with Confidence & [name of website]’.
Börsen Verein Menger / Börsen Verein Menger (Schweiz) AG
Website: bv-menger.com
Notice:
-This is a case of identity theft targeting the Switzerland-registered company Coinelco SA.
Website: ai-phemex.com
-This is a case of identity theft targeting Pepperstone GmbH.
Website: tridentfm.com
Notice:
-This is a case of identity theft. The firm tried to convince people that it is an Australian-regulated business.
-Other websites with very similar content, design, and structure have caught the attention of BaFin: mib40.org / zurichswift.net / zurichswift.com.
ZurichSwift GmbH
Website: zurichswift.net / zurichswift.com
Notice:
-The firm has also been warned by The Swiss Financial Market Supervisory Authority.
-Other websites with very similar content, design, and structure have caught the attention of BaFin: mib40.org and tridentfm.com.
EmexCapital
Website: emexcapital.com
Genesis Capitals
Website: owl-capital.com
Notice:
-The broker claims to be operated by MMS Singular LTD, a company that was removed from the British commercial register in June 2023.
A similar website genesis-capitals.com was warned by the BaFin on 26 June 2024.
Intelligent Trading
Website: intelligent-trading.com
Notice:
-The firm claims to be located in London, United Kingdom.
-Other similar websites also caught the attention of BaFin with those websites' homepages displaying the phrase: ‘Step Up Your Trading with [name of operator]’.
Stargos
Website: stargos.co
Notice:
-BaFin has warned several dubious websites with identical content to Stargos.
OTC-500
Website: otc-500.ai / otc-500.com / trade-otc-investment.com
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