Erscheinung:12.08.2024 | Topic Unauthorised business, Consumer protection Genesis Capitals: BaFin warns consumers about the website owl-capital.com
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the online trading platform Genesis Capitals. BaFin suspects the operators of the website owl-capital.com of offering consumers financial and investment services without the required authorisation. The website is purportedly operated by MMS Singular LTD, domiciled in London, United Kingdom.
However, MMS Singular LTD was removed from the British commercial register in June 2023. BaFin already issued a warning about an identical offer presented on the website genesis-capitals.com on 26 June 2024.
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.