Erscheinung:05.05.2021 | Topic Unauthorised business Macro Project Ltd/fxprime.io trading platform: BaFin prohibits unauthorised deposit business and unauthorised proprietary trading
In a notice dated 22 April 2021, BaFin ordered Macro Project Ltd, Saint Vincent and the Grenadines, as the operator of the fxprime.io trading platform, to immediately cease its unauthorised deposit business and unauthorised proprietary trading activities.
Macro Project Ltd offers a range of products, including savings accounts, on its website (fxprime.io). In addition, German customers are offered the opportunity to trade in forex products, crypto currencies, shares, indices, bonds, ETFs, commodities (gold), and CFDs via the fxprime.io platform.
The company is therefore conducting deposit business under section 1 (1) sentence 2 no. 1 of the KWG and proprietary trading under section 1 (1a) sentence 2 no. 4 (c) of the KWG on a commercial basis. Macro Project Ltd does not hold authorisation from BaFin, as required under section 32 (1) of the KWG, and is therefore conducting unauthorised business.
