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finance-ig.com: BaFin investigates website operator

News Corporate Finance & M&A Sanctions & Fines
Date: 3rd Feb, 2025 Source: Federal Financial Supervisory Authority (BaFin) Country: Germany Original Source

Brief

On March 12, 2024, the Federal Financial Supervisory Authority (BaFin) warned against finance-ig.com for offering unauthorised financial and investment services. The website operator claims to be registered in Canada with business addresses in Rotherham, UK, and Toronto, Canada. BaFin urges consumers to exercise caution when investing online and to verify whether a company is authorised before proceeding.

finance-ig.com: BaFin investigates website operator

The Federal Financial Supervisory Authority (BaFin) is warning against the website finance-ig.com. According to the supervisory authority, financial and investment services as well as crypto-asset services are offered there without authorisation.

The website operator provides alleged business addresses in Rotherham, United Kingdom, and Toronto, Canada. He claims to be registered in Canada. The identical website financeig.proxy56.com can also be found on the internet. The content, structure and wording of both websites largely correspond to the website fintechmarket-consulting.com, which BaFin warned against as early as 6 November 2023.
Anyone offering banking transactions or financial and investment services or crypto-value services in Germany requires the permission of BaFin. However, some companies offer such services without having the necessary permission. Information on whether a particular company is authorised by BaFin can be found in the company database.

The information provided by BaFin is based on Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KWAG).’
Please be aware:
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.

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Purpose
The Federal Financial Supervisory Authority (BaFin) has issued a warning against the website finance-ig.com, which is offering financial and investment services as well as crypto-asset services without authorization. This move aims to protect consumers from potential fraud and ensure that only authorized companies operate in Germany.

Effects on Industry
The BaFin investigation and warning against finance-ig.com may have significant effects on the industry, particularly for companies operating in the financial and investment sectors. Unauthorized firms like finance-ig.com can compromise consumer trust and confidence in the market, ultimately affecting the overall reputation of the industry. This move by BaFin serves as a reminder to all companies offering financial services to comply with regulations and obtain necessary permissions.

Relevant Stakeholders
This warning from BaFin affects various stakeholders, including:

  • Consumers seeking investment advice or financial services online

  • Companies operating in the financial and investment sectors, particularly those without proper authorization

  • The German government, which seeks to maintain a secure and regulated financial environment

Next Steps
To comply with this update, relevant stakeholders should take the following actions:
1. Verify the authenticity of any website offering financial or investment services by checking BaFin’s company database.
2. Exercise caution when investing online, especially if approached by firms without clear authorization.
3. Report any suspected violations of supervisory provisions to BaFin.

Any Other Relevant Information
Additional context includes:

  • The German government has implemented various laws and regulations, such as the KWG and KWAG, to ensure that companies operating in the financial sector comply with specific guidelines.

  • Other related websites, like financeig.proxy56.com, may also be operating without proper authorization and should be approached with similar caution.

Note:

Federal Financial Supervisory Authority (BaFin)

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