Erscheinung:25.07.2023 | Topic Unauthorised business, Consumer protection easytradex.cc: BaFin investigates Pop in Trading LTD
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) warns consumers about the website easytradex.cc. BaFin has evidence that Pop in Trading LTD is using this platform to offer financial and investment services without the required authorisation. The company’s staff are also sending out forged letters that unlawfully bear the logos of European institutions.
On the website, Pop in Trading LTD gives a purported business address in the United Kingdom and claims to be registered with the British Financial Conduct Authority (FCA). The FCA registration number given, however, is that of the company Pop In Private Ltd. There is no evidence of cooperation between the two companies; rather, it can be assumed that this is a case of identity theft targeting Pop In Private Ltd.
Furthermore, BaFin has received information that easytradex.cc staff are sending out forged letters with the subject line “Application for capital withdrawal on unlicensed platforms in the area of stock exchanges and online share trading”. The document unlawfully bears the logos of the European Investment Bank, the European Investment Fund and the European Commission. It is also falsely claims to have been authored by the European Investment Fund.
Anyone conducting banking business or providing 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.
