Erscheinung:23.03.2018, Stand:updated on 13.11.2020 | Topic Unauthorised business Capital Force Ltd. (“Option888”): BaFin orders the cessation and winding-up of principal broking business
In a notice dated 21 March 2018, BaFin ordered Capital Force Ltd. – commonly known as “Option888” and domiciled in Apia, Samoa – to immediately cease the principal broking business it had been conducting without the required authorisation and to wind up this business without delay.
On the website www.option888.com, Capital Force Ltd. advertises its services, including forex trading and trading with shares, indices and other financial instruments within the meaning of section 1 (11) of the German Banking Act (Kreditwesengesetz – KWG). In doing so, it is conducting principal broking business within the meaning of section 1 (1) sentence 2 no. 4 of the KWG on a cross-border basis in the Federal Republic of Germany, which requires authorisation. The company does not hold the authorisation required under section 32 (1) of the KWG.
This notice is immediately enforceable by law.
Update on 13.11.2020:
BaFin has information indicating that Trust Gain Capital (also known as “TGCapital”) is approaching consumers who have suffered a loss after using the Option888 platform and is offering them the prospect of a repayment of the investments they have lost.
Based on the information available to BaFin, it can be assumed that the company is acting fraudulently and that the amounts are not being repaid.
BaFin is still assessing whether to prohibit Trust Gain Capital’s business activities. If necessary, this will be announced separately.
