Erscheinung:22.05.2023 | Topic Unauthorised business, Consumer protection afexeu.com: BaFin investigates AfexEU, Dublin
BaFin warns consumers about the website afexeu.com. The company AfexEU, which is domiciled in Dublin, is conducting banking business and providing financial services via this website without the required authorisation. The company offers its customers the opportunity to trade in financial instruments. On the website, it claims that AfexEU holds a licence from BaFin. This is not true. However, a company with a similar name, AFEX Markets Europe Limited, which is also domiciled in Dublin, does hold authorisation from BaFin. This is therefore a case of identity fraud.
Anyone wishing to conduct banking business or provide financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
Please be aware
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
