Erscheinung:05.11.2019 | Topic Unauthorised business Hello Technology LTD: BaFin orders the cessation of cross-border proprietary trading
In a notice dated 20 August 2019, BaFin ordered Hello Technology LTD, Marshall Islands, to immediately cease its cross-border proprietary trading activities.
On its trading platform www.elcurrency.com, Hello Technology LTD offers contracts for difference (CFDs) on currencies, cryptocurrencies, precious metals and commodities as well as the option to purchase and trade in cryptocurrencies. In facilitating its customers’ access to the contracts offered and to cryptocurrencies, Hello Technology LTD is conducting proprietary trading within the meaning of section 1 (1a) sentence 2 no. 4 (c) of the German Banking Act (Kreditwesengesetz – KWG) in the Federal Republic of Germany as a service for others. However, it does not hold the authorisation required under section 32 (1) of the KWG to do so.
This notice is immediately enforceable by law.
