BaFin Investigates Unauthorised Entity GTradex Corporation

BaFin would like to make clear that, pursuant to section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG),  GTradex Corporation has not been granted authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin.

The information provided on the company's website, gtradex.net, gives reasonable grounds to suspect that GTradex Corporation is conducting banking business and providing financial services in Germany without the required authorisation.

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Under the KWG, authorisation from BaFin is required to conduct banking business or provide financial services in Germany. However, some companies operate without the necessary authorisation. Information on whether a particular company has been authorised by BaFin can be found in BaFin's database of companies.

BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) 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.