Erscheinung:18.01.2021 | Topic Unauthorised business NorthState has no authorisation under section 32 of the German Banking Act (Kreditwesengesetz – KWG)
BaFin hereby announces that it has not issued NorthState with authorisation to conduct banking business or provide financial services in accordance with section 32 of the KWG. The company is not subject to supervision by BaFin.
“NorthState” is the name of the platform on the domain www.northstate.io which is allegedly operated by the company Long Creek Partners Ltd., Roseau, Dominica. For its customer support, NorthState gives a Swiss telephone number and an address in Zurich, Switzerland.
NorthState falsely claims that it is supervised by BaFin and sends its customers a certificate as alleged evidence of this. The impression is thus created that the company has been granted authorisation by BaFin. This is not the case.
