BaFin Investigates Crypto Trading Platform WP HOLDING UND MANAGEMENT LTD

The German Federal Financial Supervisory Authority - BaFin has issued a warning against a crypto trading platform WP HOLDING UND MANAGEMENT LTD, alleging that the indicated company is not under BaFin’s supervision.

The company claims to have different arms that provide and distribute investments to its clients across the globe. And all these companies are authorised and regulated by the UK Financial Conduct Authority.

Whereas, the German regulator noted that the information offered on the firm's website (lplinvest.com) gives reasonable grounds to suspect that WP HOLDING UND MANAGEMENT LTD is conducting banking business and providing financial services in Germany without the required authorisation under the German Banking Act.

As such, BaFin, he German Federal Criminal Police Office and the German state criminal police offices 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.

Previously, Fazzaco reported that BaFin warned that EVA Capitals​, a trading platform headquartered in Majuro, Marshall Islands, has not been granted authorisation under the German Banking Act to conduct banking business or provide financial services in the country.