In a bid to protect the public from unlawful financial activity, BaFin has ordered UB4TRADE to cease operations and stop offering its services.
November 28, 2018 | AtoZ Markets – In a notice dated on Tuesday, November 26, 2018, the financial regulator of Germany, the Federal Financial Supervisory Authority (BaFin) has ordered Finatex Ltd., United Kingdom, to immediately desist from cross-border proprietary trading.
On its trading platform, www.ub4trade.com, Finatex Ltd. provides options on shares, indices, currencies and commodities.
However, the regulator announced on its official website that it has ordered UB4TRADE to cease operations and stop offering its services to the Volksdeutsche as the latter does not hold the authorisation required under section 32 (1) of the German Banking Act (Kreditwesengesetz – KWG). Will the firm comply this time around?
Financial Regulators SmackDown on UB4TRADE
Back in December 2017, AtoZMarkets reported that the key financial regulator of New Zealand, the Financial Markets Authority (FMA) issued a notice that warned Kiwis against trading with the UB4Trade brokerage as it has added the firm to its caution list.
The company was blacklisted due to the inappropriate actions carried out by the entity as these behaviours do not comply with the regulatory requirements in the country.
Three months later, the Danish Financial Supervisory Authority (FSA), the main financial services regulatory body in the country, also issued an official warning on its website against the firm, saying that it is not acting in accordance with the Danish Financial Business Act in Denmark.
Now, it’s BaFin’s turn to try and persuade the people behind UB4TRADE to refrain from offering financial services to traders across the globe.
UB4TRADE Shuts Down Operations in the UK
It is noteworthy, that UB4Trade, which is owned and operated by Finatex Ltd is actually registered on the UK’s Companies House database. However, as per the document released on Companies House by the broker’s owner on November 13th shows that it has already shut down earlier this month.
Of course, that doesn’t mean that brokerage firm has terminated its operations, even if the dodgy company behind it has. So if UB4TRADE shows up again in the near future, you can be confident that it will be smacked down again with a regulatory warning.
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