Based on the contents of the website upbitfxexchange.com and on information and documents available to BaFin, there are grounds to suspect that the platform is being used to conduct banking business and/or to provide financial services in Germany without the required authorisation.

In several places on its website, the company claims to be regulated by BaFin. This claim is not true. In addition, the platform makes reference to the website nsbroker.com in several places. This is the website of NSFX Limited, an institution that is authorised in Malta and registered with BaFin as a cross-border service provider under section 74 of the WpIG. Key parts of the website nsbroker.com have been copied by those responsible for the platform upbitfxexchange.com. NSFX Limited has no connections whatsoever to the products and services offered by UpbitFx Exchange ltd. or the company itself. This is therefore a case of identity theft committed against NSFX Limited.

On upbitfxexchange.com, the operator of the website primarily refers to itself using the name UpbitFx Exchange ltd. In a few locations, however, it also uses the name EM Ltd. The business addresses stated on the website are located in the United States and Malta.

Companies that conduct banking business or provide financial services in Germany require authorisation under the KWG. However, some companies operate without the necessary authorisation. Information on whether a particular company has been authorised by BaFin can be found in BaFin’s database of companies.

BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) 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.