Erscheinung:07.08.2018 | Topic Unauthorised business Gum Ltd, (“Stern Markets”): BaFin orders the cessation of unauthorised proprietary trading
As of 28 June 2018, BaFin ordered Gum Ltd. Marshall Islands, to cease and desist from cross-border proprietary trading.
On its trading platform www.sternmarkets.com, Gum Ltd. offers contracts for difference (CFDs) on shares, indices, currencies, commodities and cryptocurrencies for purchase (and sale). In facilitating customers' access to the contracts, the company is conducting proprietary trading within the meaning of § 1 (1a) sentence 2 no. 4 (c) of the German Banking Act (Kreditwesengesetz – KWG) as a service for others without the required authorisation from BaFin.
By law, the order is immediately enforceable.
