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Germany’s financial industry regulator, the Federal Financial Supervisory Authority (BaFin), said on Friday that announced
Investigating the Cayman Islands branch of LiquiTrade Limited.
German regulators said the company was not licensed under the German Banking Act to “carry on banking or provide financial services.” BaFin added that the company is also not under its control.
Based on the content of its website latoken.com, the facts justify the assumption that LiquiTrade Limited operates illegal banking and financial services in the Federal Republic of Germany, the German regulator explained. did.
BaFin launched a similar investigation against UpbitFX Exchange Limited in early April, noting that the website was not approved or regulated by the company.
According to BaFin, companies wishing to engage in banking or other financial services must be licensed under the German Banking Act.
However, regulators noted that companies were trading without the necessary permits.
BaFin also warned individuals not to accept job offers that appear lucrative to act as financial representatives.
Market regulators said so-called “financial institutions” could be prosecuted for laundering money and illegally providing financial services.
In June, regulators warned against a possible lucrative cryptocurrency assistant job offer from CWE Capital Holdings GmbH.
BaFin pointed out that CWE Capital Holding is not the operator of cwe-capital.com, a website that provides job listings.
It also warned that hired crypto assistants could be prosecuted.
BaFin, the Federal Criminal Police Service and the State Criminal Police Service recommend extreme caution and thorough pre-investigation to avoid fraud when investing on the Internet, the regulation states. Officials spoke of the new investigation.
Meanwhile, the Financial Magnates reported on Thursday that BaFin revealed it had penalized multinational investment bank Bank of America (BofA). Reuters report.
German regulators fined BofA $5.28 million for late reporting of voting notices.
Germany’s financial industry regulator, the Federal Financial Supervisory Authority (BaFin), said on Friday that announced
Investigating the Cayman Islands branch of LiquiTrade Limited.
German regulators said the company was not licensed under the German Banking Act to “carry on banking or provide financial services.” BaFin added that the company is also not under its control.
Based on the content of its website latoken.com, the facts justify the assumption that LiquiTrade Limited operates illegal banking and financial services in the Federal Republic of Germany, the German regulator explained. did.
BaFin launched a similar investigation against UpbitFX Exchange Limited in early April, noting that the website was not approved or regulated by the company.
According to BaFin, companies wishing to engage in banking or other financial services must be licensed under the German Banking Act.
However, regulators noted that companies were trading without the necessary permits.
BaFin also warned individuals not to accept job offers that appear lucrative to act as financial representatives.
Market regulators said so-called “financial institutions” could be prosecuted for laundering money and illegally providing financial services.
In June, regulators warned against a possible lucrative “crypto assistant” job offer from CWE Capital Holdings GmbH.
BaFin pointed out that CWE Capital Holding is not the operator of cwe-capital.com, a website that provides job listings.
It also warned that hired crypto assistants could be prosecuted.
BaFin, the Federal Criminal Police Service and the State Criminal Police Service recommend extreme caution and thorough pre-investigation to avoid fraud when investing on the Internet, the regulation states. Officials spoke of the new investigation.
Meanwhile, the Financial Magnates reported on Thursday that BaFin revealed it had penalized multinational investment bank Bank of America (BofA). Reuters report.
German regulators fined BofA $5.28 million for late reporting of voting notices.
