Erscheinung:18.05.2021, Stand:updated on 02.05.2022 | Topic Unauthorised business indexfx1.com: BaFin investigates Index Capital Limited
In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin wishes to clarify that Index Capital Limited, with registered offices in Berlin, Hong Kong, Singapore, the British Virgin Islands, and Vanuatu, has not been granted authorisation under the KWG to conduct banking business or provide financial services. The company claims on its website that it is licensed and regulated by BaFin. This claim is not true. The company is not subject to BaFin’s supervision. The registration number that is mentioned on the website is fake.
Based on the information provided on the website operated by Index Capital Limited (indexfx1.com), there are grounds which indicate that the company is conducting banking business/providing financial services in the Federal Republic of Germany without the required authorisation. The company also refers to itself as Index FX on its website.
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.
Update 2 May 2022:
According to information now available to BaFin, Index Capital Limited uses a business address in Berlin when dealing with customers. However, investigations on-site revealed no evidence whatsoever that the company is based at this location.
