BaFin Investigates Unauthorized Trading Platform Operator Teredo Group Ltd

The German Federal Financial Supervisory Authority - BaFin announced recently that Teredo Group Ltd, Saint Vincent and the Grenadines, has not been granted authorisation to conduct banking business or to provide financial services, as required under the German Banking Act, not subject to BaFin's supervision.

The indicated company operates under the domain assetshaus.com. The information provided on the website, and the information and documents available to BaFin give reasonable grounds to suspect that the company is conducting financial services in Germany without the required authorisation, according to the announcement.

A reference to Teredo Group Ltd as the responsible company can only be found on the English-language website. This website also contains a reference to a further business address for the company in Manchester, United Kingdom.

The German financial regulator found that as part of the platform's business activities, unknown persons/companies that do not belong to the Savings Banks Finance Group (Sparkassen-Finanzgruppe) have been contacting customers under the name "Sparkasse". The criminals disguise as the "Sparkasse Support Team" or "Sparkasse Großbritannien" and use the Sparkasse logo. BaFin would like to make clear that both the name and the logo are being used without authorisation; this gives reasonable grounds to suspect that fraudulent activities are being pursued here.

BaFin, the German Federal Criminal Police Office and the German state criminal police offices recommend that anyone seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to avoid becoming the victim of fraud.