Erscheinung:10.04.2024 | Topic Unauthorised business, Consumer protection BaFin warns consumers about the websites xhpxomg.com, xhpxbuy.com and xhpxpro.com
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the websites xhpxomg.com, xhpxbuy.com and xhpxpro.com. According to information available to BaFin, the operator is providing financial and investment services on this website without the required authorisation.
The three websites are completely identical. The operator of these websites refers to itself in some cases as “XHPX Global Pro”, but does not offer any information about its legal form. It claims that its head offices are in Canada, but does not provide a full business address or legal notice. Further branches supposedly exist in a number of East Asian countries. It is noteworthy that the operators name a court of arbitration in Belize as the purported competent court for legal disputes.
Anyone providing financial and 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.
