Erscheinung:11.07.2024 | Topic Unauthorised business, Consumer protection genesis-capitals.com: BaFin warns consumers about Genesis Capitals
The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Genesis Capitals and the services it is offering. BaFin suspects the operators of the website genesis-capitals.com of offering consumers financial and investment services without the required authorisation. The website claims to be operated by MMS Singular LTD, which purportedly has its registered office in London, United Kingdom. However, MMS Singular LTD was removed from the British commercial register in June 2023.
BaFin has recently become aware of a number of websites with almost identical content and has warned consumers about them. In each case, the website’s homepage displays the phrase: “Upgrade your trading with [name of website]”.
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 particular companies have been authorised 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.
