Erscheinung:08.04.2021 | Topic Unauthorised business Brevan Howard Ltd/WinnGroups Ltd – online trading platform winngc.com: BaFin prohibits unauthorised portfolio management
In a notice dated 15 March 2021, BaFin ordered Brevan Howard Ltd/WinnGroups Ltd to immediately cease unauthorised portfolio management activities.
The platform winngc.com (formerly winngroups.com and winngroupltd.com) names both Brevan Howard Ltd and WinnGroups Ltd as the operators responsible. The platforms are used to open trading accounts for customers. The accounts supposedly allow customers to trade in CFDs, forex products, commodities, shares, ETFs, indices and cryptocurrencies. The company/companies make investment decisions regarding the accounts without consulting the account holders beforehand.
In doing so, the company/companies are conducting portfolio management activities within the meaning of section 1 (1a) sentence 2 no. 3 of the KWG on a commercial basis. As the company/companies do not hold the authorisation required under section 32 (1) of the KWG, it/they are therefore conducting unauthorised business.
On their website, the provider/providers claim to have registered offices in the United Kingdom, Singapore, Hong Kong and Switzerland.
