Germany's BaFin Issues Warning Against 9 Unauthorized Companies in February

In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG),  Germany's financial supervisory authority BaFin issued warnings to 9 entities or websites in February, stating that these entities or websites didn’t hold authorisation under the KWG to conduct banking business or provide financial services.

According to the regulator, these firms are using the following name:

• Deeland Investments Ltd.

• GFund Assets, website: gfundassets.com

• Bibox-coin, website: bibox-coin.com

• Fiesta LLC, website: milleniumone.com

• Apex500, website: apex-500.com

• Front Management LLC

• A.K.P.U Group LLC,

• alphafxs.com

• broker-shield.de (The offeror has used the name Broker Shield Ltd. when addressing German investors.)

The regulator stated that the aforementioned firms are not authorized by BaFin and that several of these entities are clones of registered 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.