BaFin Launches Investigation into Flab Group LTD for Unauthorized Activities

The German Federal Financial Supervisory Authority BaFin announced the launch of an investigation into the trading platform fortexo.co operated by Flab Group LTD. According to the watchdog, the trading platform is not regulated by Bafin, but offers unauthorized banking and financial services to German residents.

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The firm behind Fortexo website is registered under the jurisdiction of St. Vincent and the Grenadines to provide banking activities. However, it doesn’t grant Fortexo the legal power to provide such activities in Germany.

“The content of the website fortexo.co operated by Flab Group LTD, as well as information and documents available to BaFin, justify the assumption that the company offers unauthorized banking and financial services in Germany. Providers of banking or financial services in Germany require a permit under the German Banking Act (Kreditwesengesetz – KWG). However, some companies act without the required permission,” BaFin stated.