Erscheinung:25.02.2021 | Topic Unauthorised business argustrade24.com – BaFin investigates Argus Trade
In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin wishes to clarify that Argus Trade has not been granted authorisation to conduct banking business or to provide financial services. The company is not subject to BaFin’s supervision.
Argus Trade states on its website (argustrade24.com) that it is supervised by BaFin, citing the number 124140. This is a “BAK” number, which is assigned to a company when it is added to BaFin’s database of companies. In this case, 124140 is the number assigned to Argus Stockbrokers Ltd., a company authorised to do business in Germany within the scope of section 53b of the KWG (EU passport). Argus Trade is citing the number fraudulently to give the appearance that it is supervised and authorised by BaFin. Argus Stockbrokers Ltd. has no connection with Argus Trade.
Under the KWG, authorisation is required in order to conduct banking business or provide financial services in Germany. Some companies do so without the necessary authorisation, however. Information on whether a certain company has been authorised by BaFin can be found in BaFin’s database of companies.
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt) and the German state criminal police offices (Landeskriminalämter) recommend that anyone seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to avoid becoming the victim of fraud.
