Erscheinung:14.01.2025 | Topic Unauthorised business, Consumer protection dynasty-trade.io: BaFin warns consumers about website and multiple instances of identity fraud
The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website dynasty-trade.io. According to information available to BaFin, the operator is providing financial and investment services on this website without the required authorisation.
On its website, the operator refers to itself using the names Dynasty Trade, Dynasty Trades LTD and Dynasty Trade Ltd. It claims to have been granted licences by the FCA ("Financial Conduct Authority"), the IFCSA ("International Financial Commission Supervisory Authority"), both in the UK, and CySEC ("Cyprus Securities and Exchange Commission"), Cyprus. None of these can be confirmed; all are cases of identity fraud. The purported licensing documents published on the website are forgeries.
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.
Theinformation 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.
