Erscheinung:04.03.2020 | Topic Unauthorised business KKT UG, Berlin and Mr Adam Gramowski from Toruń, Poland: BaFin orders the cessation of cross-border proprietary trading
In a notice dated 26 February 2020, BaFin ordered KKT UG, Berlin and ist manager Mr Adam Gramowski from Toruń, Poland, to cease proprietary trading immediately.
On its website www.shitcoins.club, the company advertises in German its bitcoin machines für purchase and sale of cryptocurrencies.
Cryptocurrencies are financial instruments pursuant to section 1 (11) sentnce 1 no. 10 of the German Banking Act (Kreditwesengesetz – KWG). The company is thus conducting proprietary trading within the meaning of section 1 (1a) sentence 2 no. 4 (c) KWG on a commercial basis without the authorisation required under section 32 (1) of the KWG. It is therefore conducting unauthorised business.
