Erscheinung:06.03.2024, Stand:updated on 10.05.2024 | Topic Unauthorised business, Consumer protection archax.ltd: BaFin warns consumers about website
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website archax.ltd. According to information available to BaFin, the operator is providing financial and investment services on this website without the required authorisation.
The operator refers to itself as “Archax LTD”. The website makes no reference whatsoever to the registered office or company address of Archax LTD, nor does it contain a legal notice.
BaFin expressly points out that the website has no connection to the company with the same name Archax Ltd., which is registered with the British Financial Conduct Authority (FCA). This is a case of identity theft.
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.
