Erscheinung:13.06.2018, Stand:updated on 13.11.2020 | Topic Unauthorised business Celestial Trading Ltd. (“Option888”): BaFin orders the cessation and winding-up of principal broking business
In a notice dated 6 June 2018, BaFin ordered Celestial Trading Ltd. (Mahé, Seychelles) to cease and wind up the principal broking business it had been conducting without the required authorisation.
In particular, the company conducts forex trading in its own name and for the account of others; it also trades with shares and other financial instruments within the meaning of section 1 (11) of the German Banking Act (Kreditwesengesetz – KWG).
Celestial Trading Ltd. is using the name “Option888”, as Capital Force Ltd. had previously done. In a notice dated 21 March 2018, BaFin had prohibited Capital Force Ltd. from conducting its business activities.
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.
