Erscheinung:27.08.2021 | Topic Unauthorised business finexics.io: BaFin launches investigation into the company Slinqo Group LTD
In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin informs the public that Slinqo Group LTD, Nicosia, Cyprus, has not been granted authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin. Based on the content of the company’s website finexics.io, there are grounds which indicate that Slinqo Group LTD conducts banking business and provides financial services in the Federal Republic of Germany without the required authorisation.
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.
